Ethereum Foundation Wallet Transfers Over $290 Million in ETH After 7 Years

A wallet associated with the ethereum Foundation has transferred 92,500 eth, worth $294.9 million, after being dormant for nearly 6.6 years.

According to Lookonchain, these tokens have remained at the same address since 2017.

The details of the transfer

On-chain data indicates that the eth was originally received from the ethereum Foundation on September 1, 2015. The transfer, recorded on July 25, occurred just minutes after a smaller 1 eth transaction from the same wallet.

Prior to the transaction, the only other transaction from this address in the last seven years was a negligible move of 0.000513 eth 30 days ago.

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A twitter.com/hashtag/EthereumFoundation?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#EthereumFoundation-the related wallet transferred 92,500 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether($294.9 million) to a new wallet 9 hours ago after being dormant for 6.6 years.

Through chain tracking, it was discovered that these twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether were received from the twitter.com/hashtag/EthereumFoundation?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#EthereumFoundation on September 1, 2015.https://t.co/FKGsNCrBAT image.twitter.com/vPOAMq4ccK

— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1816647437404242039?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 26, 2024

At the time of writing, Etherscan sample the funds remain in the new wallet. The reasons behind this transfer are still unknown and the ethereum Foundation has not commented on the matter.

Prior to this, the organization had not undertaken any major sales activity in the current market cycle, raising speculation about a possible change in strategy.

Analysts noted that the Foundation had historically strategically sold large amounts of eth during each bull market, often timing these sales with market peaks. The absence of significant sales in the current cycle had raised questions about whether the market peak was yet to come or whether the Foundation had altered its approach.

On July 25, the price of eth fell by 10% as ethereum spot ETFs saw outflows of $133 million on their second day. The asset fell from nearly $3,500 to a multi-day low of $3,130. At the time of writing, the token is trading at $3,266, having increased by 3% over the past 24 hours.

Previous ethereum Foundation Transfers

In early July, other wallets linked to the ethereum Foundation made some transfers. On July 17, according to on-chain analytics firm SpotOnChain, an ethereum Foundation wallet and another connected to an ethereum initial coin offering (ICO) participant transferred $12.5 million and $9 million worth of eth, respectively, to Kraken.

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Two twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#ethereum 3,631 portfolios related to foundations/ICOs were deposited twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether ($12.5 million) to twitter.com/hashtag/Kraken?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#Kraken Over the past 2 days, as the market recovered:

1️⃣ 0xdb3 Wallet downloaded 2,631 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether ($9.01 million).

• Received twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$Ether from the ethereum Foundation and ethereum ICO participant 0xAb0.

• Since June 8th,… image.twitter.com/rpEC1Fe4jj

— Spot On Chain (@spotonchain) twitter.com/spotonchain/status/1813401575861420309?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 17, 2024

Since the beginning of June, these two wallets have deposited a total of 17,886 eth, valued at around $65 million, into the centralized cryptocurrency trading platform, suggesting a potential sell-off.

In January, Arkham Intelligence identified a blockchain ADDRESS associated with the ethereum Foundation that sold $1.6 million worth of eth.

Then in April, Peckshield Alert x.com/PeckShieldAlert/status/1777270560038481965″ data-wpel-link=”external” target=”_blank”>reported that the Foundation had converted part of its eth holdings into stablecoins, exchanging 100 eth for 354,000 DAI during a time when eth was trading above $3,600.

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