The Ethereum Foundation, a non-profit organization dedicated to the development of the Ethereum blockchain, has made headlines in recent years for its large-scale selling of the cryptocurrency. In the most recent news, the Foundation has reportedly sold 15,000 ETH, adding to a long list of significant sell-offs.
According to reports, the Ethereum Foundation sold 20,000 ETH in 2021 at a high point in the market. However, in 2020, the Foundation sold a whopping 100,600 ETH at a price of $657. This record-breaking sell-off occurred during a period of high volatility in the cryptocurrency market and raised eyebrows among investors and enthusiasts.
More recently, on May 5, 2023, the Ethereum Foundation made another large transfer of Ethereum to a major exchange. According to analytics platform @lookonchain, Vitalik Buterin, the co-founder of Ethereum, sent nearly half a million worth of Ethereum to the same exchange before the Foundation transferred almost $30 million worth of Ethereum.
While the exact reasons for the Foundation’s large-scale selling remain unclear, it is possible that the organization is using the funds generated to support ongoing development efforts, finance future projects, or support charitable causes. Despite this, some members of the cryptocurrency community have expressed concern over the impact of the sell-offs on the Ethereum market, with some fearing that the Foundation’s actions could lead to a drop in Ethereum’s value.
The sale of large amounts of cryptocurrency by major players has become a common occurrence in the cryptocurrency market in recent years. However, the size and frequency of the Ethereum Foundation’s sell-offs have attracted significant attention and scrutiny. While the organization has not provided any official statement on its recent transfer, it will be interesting to see how the market responds to this latest move by the Ethereum Foundation.
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