Ethereum Foundation Linked Wallets Offload Large Sums of ETH

This past week witnessed significant activity from wallets associated with the Ethereum Foundation, involving the sale and transfer of substantial Ethereum (ETH). Notably, two leading wallets connected to the Ethereum Foundation sold 200 ETH, accumulating approximately 744,722 DAI, which roughly translates to a rate of $3,724 per ETH. This sale is part of a broader pattern observed since the beginning of 2024, where these wallets have unloaded a total of 2,166 ETH for an impressive 6.21 million DAI.

In the past week, 3 wallets linked to #EthereumFoundation 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.

2️⃣… pic.twitter.com/g3iIYM53V4

— Spot On Chain (@spotonchain) June 11, 2024

The timing of these sales has caught the attention of market analysts and investors, as they often precede notable drops in ETH prices. This pattern suggests a strategic liquidation approach based on market forecasts and internal insights, which could influence overall market sentiment and investor strategies.

Large Scale Transfers

Further stirring the market, another wallet, identified as 0xdb3, which has links to both the Ethereum Foundation and an initial coin offering (ICO) participant from Ethereum’s early days, transferred a staggering 15,255 ETH (valued at approximately $55.6 million) to the Kraken exchange just three days ago. The price per ETH during this transfer was around $3,648.

These transactions have significant implications for Ethereum’s market dynamics. The large-scale offloading from foundation-linked wallets, especially in connection with historical participants like ICO contributors, raises questions about potential insights these early movers might have regarding the cryptocurrency’s short-term movements.