Blockchain data analysis platform Arkham IntelligenceAccording to , the price of Ethereum once rose by over 500% in the months following a major Ethereum sale by the Ethereum Foundation, but there’s no telling what will happen this time. The Ethereum Foundation sold off the top in both May and November 2021. However, Arkham said in a post on X on August 25 that the foundation sold 100,000 Ethereum just before Ethereum’s 6x increase in 2020.
What’s Happening on the Ethereum Front?
This happened when the Ethereum Foundation sent 35,000 Ethereum worth around $96 million to a wallet identified as a Kraken exchange deposit address on August 23. Arkham’s data shows that the Ethereum Foundation sold around 100,000 Ethereum worth around $63 million on December 17, 2020, for a price of around $635. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Five months later, on May 12, 2021, the price rose to $4,182. Later that year, on November 10, it reached a cycle peak of $4,891.70. The Arkham team shared the following statements on the matter:
“Last night To the Kraken “They sent another 35,000 Ethereum worth $95 million. Did they get it right this time?”
Amidst the speculations about the transfer Ethereum Foundation executive director Aya Miyaguchi posted on X to explain that this was part of treasury management activities. Miyaguchi said in an X post that the transfer was to help balance the books and did not equate to a sale.
According to Miyaguchi, the Ethereum Foundation has an annual budget of $100 million, which consists of grants and salaries, but some can only accept payments in fiat currencies. The famous name made the following statements on the subject:
“We were advised for a long time not to do any treasury activity this year due to regulatory complications and were unable to share the plan in advance.”
Details on the Subject
Ethereum Its price has remained mostly stable over the past few days. Ethereum reached its lowest point on August 24, hovering around $2,656 before rising to $2,808 the next day and settling around $2,743 as of August 26. This latest transfer comes a month after a wallet associated with the Ethereum Foundation transferred around 92,000 Ethereum, worth over $253 million at current prices, to an unidentified wallet.
By then, the address had not been moved for seven years, and the foundation still has not publicly stated who was responsible for the transfer and why. On May 6, 2023, the Ethereum Foundation made another significant transaction by transferring around $30 million worth of Ethereum to Kraken.
The price fell 4.8% that day to $1,900, but the drop was minor amid a broader recovery at the time. The Ethereum Foundation still holds about 273,000 Ethereum, worth over $751 million at current prices, according to Arkham.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
