According to data shared by Spot On Chain, three wallet addresses associated with the Ethereum Foundation sold 15,455 Ethereum (ETH) in the past week.
In the past week, 3 wallets linked to Ethereum Foundation have actively unloaded ETH!
1️⃣ Two Ethereum Foundation’s main wallets sold 200 ETH for 744,722 DAI at ~$3,724.
• Since the start of 2024, they have sold 2,166 ETH for 6.21M DAI, often ahead of price drops.
— Spot On Chain (@spotonchain) June 11, 2024
Reports indicate that two primary wallets of the Ethereum Foundation sold 200 ETH for approximately $3,724 per ETH, exchanging it for 744,722 DAI. Since January 2024, these wallets have sold 2,166 ETH for 6.21 million DAI. Notably, the Ethereum Foundation's sales often precede broader market price declines.
Additionally, wallet address 0xdb3 deposited 15,255 ETH (valued at ~$55.6 million) to Kraken three days ago at $3,648 per ETH. This wallet's ETH holdings primarily originated from Ethereum Foundation wallets and early ICO participants.
👉 Discover more about Ethereum market trends
Key Takeaways
- The Ethereum Foundation-linked wallets have been actively selling ETH throughout 2024.
- Recent transactions totaled 15,455 ETH sold within one week.
- Historical data suggests these sales may signal upcoming price corrections.
FAQ Section
Why is the Ethereum Foundation selling ETH?
The Ethereum Foundation periodically sells ETH to fund operations, development initiatives, and ecosystem grants. These planned sales help sustain their long-term mission.
How does this affect ETH's market price?
While large sales can create temporary price pressure, Ethereum's robust ecosystem and adoption typically absorb these movements. However, traders often monitor Foundation wallets for potential signals.
Where does the sold ETH go?
Most ETH gets converted to stablecoins (like DAI) or fiat equivalents via exchanges such as Kraken, ensuring liquidity for the Foundation's financial needs.
👉 Learn how to track major crypto transactions
Ethereum Market Insights
- 2024 Sales: 2,166 ETH ($6.21M) since January
- Recent Rate: 15,455 ETH/week
- Price Impact: Foundation sales historically precede ~5-15% corrections