Ethereum Foundation Sells 100 ETH for 345,179 DAI Hours Before ETFs Launch

The Ethereum Foundation has recently made notable transactions, selling 100 ETH for 345,179 DAI, as reported by Spot On Chain. This sale took place just few hours ago. It is in the anticipation of the upcoming launch of Ethereum ETFs in the near future.

The #Ethereum Foundation sold 100 $ETH for 345,179 $DAI ~35 minutes ago!

Notably, the sale came when the Ethereum ETFs will be launched in less than 6 hours.

In 2024, the Ethereum Foundation has sold 2,366 $ETH for 6.9M $DAI at an avg price of $2,916. The last sale was on July… https://t.co/MH9SQ4zJ9J pic.twitter.com/0ungPupRQJ

— Spot On Chain (@spotonchain) July 23, 2024

Ethereum Foundation Sells 2,366 ETH for $6.9M in 2024

Since the beginning of 2024, the Ethereum Foundation has been actively involved in managing its assets and sold a total of 2,366 ETH for 6.9 million DAI. The average price per ETH in these transactions $2,916. The last sale was on 2nd of July which means that they have been inactive for 21 days in the market.

Similarly, another wallet associated with Ethereum Foundation and the ICO known as ‘0xdb3’ sent 3,200 ETH or around $11.2 million to Kraken exchange earlier today. This transfer suggests further considerable exchanges and active management of the Foundation’s Ethereum assets.

Crypto Community Watches Ethereum Foundation’s Market Moves

These transactions by the Ethereum Foundation and related entities occur at a most opportune time, especially before the launch of Ethereum ETFs. As stated by SpotOnChain, such actions indicate proper planning and management of their assets to try and control their place in the market as the market changes.

Ultimately, the Foundation’s actions remain a focus of the crypto community due to the material effect such actions have on the market.