The Ethereum Foundation (EF) has set the crypto space buzzing after transferring 160,000 ETH, worth about $654 million between its internal wallets, data from Lookonchain reveals. The massive movement triggered speculation over whether some of the funds might soon hit exchanges.
The transfer follows EF’s sale of 10,000 ETH (roughly $42.7 million) on Kraken last month, which it said was to fund research, grants, and donations. Critics, however, slammed the move as “anti-DeFi,” accusing the foundation of undermining Ethereum’s decentralized ethos.
According to Arkham Intelligence, EF still controls around $827 million in crypto assets, primarily ETH with smaller holdings in BNB, Bitcoin (BTC), and Arbitrum (ARB).
Meanwhile, ETH surged to $4,113 earlier today before retreating to $4,002, struggling to maintain momentum after its late-September rally. Even bullish sentiment from investor Tom Lee hasn’t reignited excitement.
Tensions around EF continue to grow after Geth lead developer Péter Szilágyi accused the organization of poor developer support and an overreliance on Vitalik Buterin’s leadership in his 2024 open letter.
The sudden $654M transfer has only deepened questions about transparency and what might come next for Ethereum.
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