A wallet associated with the Ethereum Foundation transferred 92,500 ETH, worth $294.9 million, after 6.6 years of inactivity.
These tokens have been held since 2017 and were originally received from the Ethereum Foundation on September 1, 2015. The transfer occurred on July 25, shortly after a smaller 1 ETH transaction.
The motivations for the transfer are unclear, and the Ethereum Foundation has not commented.
Historically, the Ethereum Foundation has sold large amounts of ETH during bull markets, often at market peaks. The lack of significant sales this cycle had led to speculation about their strategy, which the recent transfer has reignited.
On the same day as the transfer, ETH’s price dropped 10% due to $133 million in outflows from spot Ethereum ETFs but later rebounded to $3,266.
Earlier in July, other Ethereum Foundation-linked wallets transferred $12.5 million and $9 million worth of ETH to Kraken, totaling 17,886 ETH ($65 million) since June.
In January, a Foundation-linked address sold $1.6 million worth of ETH, and in April, the Foundation converted 100 ETH to 354,000 DAI. These activities suggest the Ethereum Foundation may be adjusting its strategy or preparing for future market conditions.
Image Credit: Pixabay
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