The ethereum Foundation, a non-profit entity that supports the second largest blockchain, sold 100 eth for 334,315.7 DAI on November 12.
The sale represents the foundation's first eth transaction since it published its 2024 report last week.
ethereum Foundation eth Sales
According to popular blockchain analytics platform 'Spot On Chain', in 2024 alone, the ethereum Foundation sold 4,266 eth, raising $11.83 million at an average price of $2,773 per token. In September, the foundation sold 1,250 eth, worth approximately $3.07 million, followed by 300 eth valued at $759,000 in October. These sales were x.com/spotonchain/status/1856270334070308964″ target=”_blank” rel=”noopener” data-wpel-link=”external”>carried out in almost weekly batches during the two months.
As a result, the foundation has faced questions from the community about why it chooses to sell rather than stake its eth holdings. In response, ethereum co-founder Vitalik Buterin addressed these concerns, explaining that the sales in question fund critical initiatives, such as compensating researchers and developers who drive technological advances.
He highlighted that the proceeds also support privacy-enhancing zero-knowledge (ZK) technology, easy-to-use account abstraction, and global events promoting ethereum. According to Buterin, these initiatives have strengthened the security and reliability of ethereum, contributing to the uninterrupted operation of the blockchain since 2016.
In a recently released financial report for 2024, the ethereum Foundation revealed that its treasury had $970.2 million, including $788.7 million in cryptocurrency and $181.5 million in non-digital asset investments. More than 99% of the foundation's cryptocurrency holdings are in eth, representing 0.26% of the total ether supply.
The ethereum ecosystem as a whole has $22.2 billion in treasury reserves, managed by foundations, organizations, and DAOs, with the ethereum Foundation overseeing 4.4% of this total. In terms of funding, the ecosystem deployed $457 million in 2022-2023, with the ethereum Foundation contributing almost half with $240.3 million.
Ether price growth
eth price remained unfazed by the latest dump. The world's second-largest cryptocurrency by market capitalization has been on the rise, continuing its bullish momentum since last week, gaining over 33% during that period and currently trading above $3,230.
Meanwhile, it flows into ethereum spot ETFs eth-spot?” target=”_blank” rel=”noopener” data-wpel-link=”external”>reached a new record of $295.5 million, with BlackRock's ETHA and Fidelity's FETH each attracting $100 million.
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