7 Years Later, Ethereum Foundation Wallet Transfers $290 Million ETH

Impact of Ethereum Foundation Wallet’s $290 Million Transfer on the Crypto Market

After being inactive for almost 6.5 years, a wallet connected to the Ethereum Foundation has moved 92,500 ETH (around $294.9 million). These tokens have been kept at the same address since 2017, according to Lookonchain.

• According to on-chain data, ETH was first acquired from the Ethereum Foundation on September 1, 2015.
• Minutes had passed since a lesser transaction of one ETH from the same wallet when the transfer, which was documented on July 25, took place.
• The previous seven years’ only transaction from this address before this one was a small movement of 0.000513 ETH thirty days ago.

$290 Million Transfer from Ethereum Foundation: Market Reactions and Possible Reasons

Etherscan indicates at the time of writing that the money is still in the new wallet. The Ethereum Foundation has not provided any comments on the matter, and the reasons for this transfer are currently unknown. Prior to this, the company had not participated in any significant selling activities throughout the current market cycle, which raised concerns about a possible strategic shift.

Analysts pointed out that in the past, the Foundation has deliberately sold off a sizable portion of ETH during each bull market, frequently timed to coincide with market peaks. The lack of noteworthy sales in this cycle had sparked concerns about whether the Foundation had changed course or if the market peak was still ahead.

• On July 25, spot Ethereum ETFs saw withdrawals of $133 million on day two, which resulted in a 10% decrease in the price of ETH.
• The asset dropped from almost $3,500 to $3,130, a multi-day low.
• As of this writing, the token gained 1.47% on the previous day to trade at $3,295 in the market.

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.