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In 2020, the Ethereum Foundation's sale of 100,000 ETH was followed by a significant price surge of over 500%, according to blockchain firm Arkham Intelligence. On August 23, 2024, the Ethereum Foundation transferred approximately 35,000 ETH, valued at around $96 million, to a wallet identified as a deposit address for Kraken exchange.
Arkham Intelligence noted in an August 25 post that in December 2020, the Ethereum Foundation sold 100,000 {Ethereum} ETH at a price of roughly $635 per ETH. Subsequently, the price of Ether experienced a dramatic increase, reaching a high of $4,182 by May 12, 2021, and peaking at $4,891.70 in November 2021
The recent transfer of 35,000 ETH has sparked speculation about its implications for Ether’s price trajectory. Arkham questioned whether this transfer will follow a similar pattern to the 2020 sale or lead to different outcomes.
Aya Miyaguchi, the Ethereum Foundation's executive director, clarified on X that the recent transfer was part of routine “treasury management activities” and not indicative of a sale. Miyaguchi explained that the foundation’s annual budget, which includes grants and salaries, necessitates managing funds in both cryptocurrency and fiat currencies.
The price of Ether showed stability in recent days, fluctuating between $2,656 and $2,808, settling at approximately $2,743 as of August 26, 2024. This transfer follows a similar significant transaction in July 2024, when around 92,000 ETH, valued at over $253 million, was moved from a long-dormant wallet associated with the Ethereum Foundation. The foundation has not yet publicly detailed the reasons for this large transfer or the identity of the recipient wallet.
On May 6, 2023, the Ethereum Foundation made another substantial transfer of nearly $30 million in Ether to Kraken. Despite a 4.8% drop in Ether’s price on that day, the overall market trend remained upward.
Currently, the Ethereum Foundation retains approximately 273,000 ETH, valued at over $751 million.
