Ethereum Foundation Wallet transfers over $290 million in ETH after 7 years

A wallet associated with the Ethereum Foundation has transferred 92,500 ETH, worth $294.9 million, after being inactive for almost 6.6 years.

According to Lookonchain, these tokens have been held at the same address since 2017.

Details of the transfer

On-chain data indicates that ETH was originally received from the Ethereum Foundation on September 1, 2015. The transfer, recorded on July 25, occurred minutes after a smaller transaction of 1 ETH from the same wallet.

Prior to the transaction, the only other move for this address in the last seven years was an insignificant move of 0.000513 ETH 30 days ago.

An #Ethereum Foundation-related portfolio transferred 92,500 $ETH($294.9 million) to a new wallet 9 hours ago after being inactive for 6.6 years.

Through chain tracking, it was found that these $ETH were received from the #Ethereum Foundation on September 1, 2015. https://t.co/FKGsNCrBAT pic.twitter.com/vPOAMq4ccK

— Lookonchain (@lookonchain) July 26, 2024

At the time of writing, Etherscan shows that the funds remain in the new wallet. The reasons for this transfer are still unknown and the Ethereum Foundation has not commented on the situation.

Prior to this, the organization had not performed any significant selling activity in the current market cycle, prompting speculation about a possible change in strategy.

Analysts noted that historically, the Foundation had strategically sold large amounts of ETH during each bull market, often synchronizing these sales with market spikes. The absence of significant sales in the current cycle had raised questions about whether the peak of the market was still ahead or whether the Foundation had changed its approach.

On July 25, the price of ETH fell 10% as Ethereum ETFs saw $133 million in outflows on the second day. The asset fell from nearly $3,500 to a multi-day low of $3,130. At the time of writing, the token is trading at $3,266, having risen 3% in the last 24 hours.

Previous transfers from the Ethereum Foundation

In early July, other wallets linked to the Ethereum Foundation made some transfers. On July 17, according to on-chain analytics firm SpotOnChain, an Ethereum Foundation wallet and another connected to an Ethereum Initial Coin Offering (ICO) participant transferred $12.5 million and $9 million in ETH, respectively, to Kraken.

two #Ethereum Foundation/ICO related portfolios deposited 3,631 $ETH ($12.5 million) a #Kraken in the last 2 days as the market recovered:

1️⃣ Wallet 0xdb3 downloaded 2.631 $ETH ($9.01 million).

• He recived $ETH from the Ethereum Foundation and Ethereum ICO participant 0xAb0.

• From June 8,… pic.twitter.com/rpEC1Fe4jj

— Spot On Chain (@spotonchain) July 17, 2024

Since the beginning of June, these two wallets have deposited a total of 17,886 ETH, valued at around $65 million, into the centralized cryptocurrency trading platform, suggesting a potential sell-off.

In January, Arkham Intelligence identified a blockchain address associated with the Ethereum Foundation that sold $1.6 million in ETH.

Then, in April, Peckshield Alert reported that the Foundation had converted some of its ETH holdings into stablecoins, exchanging 100 ETH for 354,000 DAI during a time when ETH was trading above $3,600.

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