HomeEthereumEthereum Foundation Transfers 1,000 ETH

Ethereum Foundation Transfers 1,000 ETH

-


Ethereum Foundation Transfers Significant Amount of ETH

The Ethereum Foundation’s Recent ETH Transfer Raises Concerns Among Crypto Community

The Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem, has recently made a significant transfer of 1,000 ETH ($3 million). This transaction has caught the attention of the crypto community, sparking speculation about potential market implications.

Ethereum Foundation’s Transaction Details

According to on-chain analytics platform SpotOnChain, the Ethereum Foundation transferred 1,000 ETH to a middle multi-signature wallet on May 8. This transfer is part of a series of transactions made by the Foundation since the beginning of 2024.

SpotOnChain also revealed that the Foundation has sold 1,766 ETH for 4.81 million DAI at an average price of $2,725 per ETH. These sales were conducted in small batches through the same multi-signature wallet, with previous transactions coinciding with price drops in the market.

Notably, the Ethereum Foundation has a history of selling ETH at market tops, with previous instances leading to significant price declines in the cryptocurrency.

Potential Market Impact

Journalist Colin Wu previously reported that Ethereum’s founder, Vitalik Buterin, had advised the Foundation to sell 70,000 ETH at the peak of 2018 to support developer work. This suggests that the Foundation may have insights into market trends and acts accordingly to avoid losses.

Recent predictions by crypto analyst Shin Forex indicate a potential decline in Ethereum’s price, with projections of the token dropping to as low as $2,500. The analyst cited a slowdown in liquidity and technical analysis indicators as reasons for the anticipated price drop.

At the time of writing, Ethereum is trading around $3,000, with market observers closely monitoring price movements for any signs of further decline.

Overall, the Ethereum Foundation’s recent ETH transfer has raised concerns within the crypto community, with many speculating on the potential impact on the market and the future price trajectory of Ethereum.

LATEST POSTS

KfW to Launch its Inaugural Blockchain-Based Digital Bond

KfW to Issue First Blockchain-Based Digital Bond as Crypto Security in 2024 KfW, Germany's largest promotional bank, is set to issue its first blockchain-based digital...

Signs of Ethereum Network Activity Suggests a Pending Launch

Ethereum Network Activity Surge The world of cryptocurrency is buzzing with excitement as Ethereum, the second-largest cryptocurrency by market cap, experiences a surge in network...

The Crucial Role of Binance in the Arrest of ZKasino Scam Suspect

Binance's On-Chain Investigations Team Leads to Arrest of ZKasino Scam Suspect Binance's Investigations Team Leads Law Enforcement to Arrest ZKasino Scam Suspect In a groundbreaking development,...

KfW, a government-owned entity, provides details on its blockchain digital bond strategy

Details of KfW's Blockchain-Based Digital Bond Issuance in 2024 German bank KfW to Issue Blockchain-Based Digital Bond in 2024 In a groundbreaking move towards digitalization, the...

Most Popular