The Ethereum Foundation, which oversees the development and management of the Ethereum network, has continued its pattern of selling Ether (ETH) in 2024.
According to blockchain analytics platform Lookonchain, a wallet associated with the Foundation recently transferred 2,500 ETH, valued at around $6.06 million, to the cryptocurrency exchange Bitstamp.Â
This wallet originally received 51,251 ETH from the Foundation on November 17, 2015, when its value was approximately $51,200. As of now, the ETH held in the wallet is worth a significant $124.5 million, reflecting Ethereum’s massive growth over the years.
Ethereum Foundation Continues to Sell ETH
Lookonchain’s data shows that the Ethereum Foundation has sold a total of 3,766 ETH in 2024, generating roughly $10.46 million. These sales have been consistent, occurring at an average interval of about 11 days. In September 2024 alone, the Foundation sold 950 ETH, bringing in approximately $2.27 million.
The frequency of these transactions suggests that the Foundation is strategically selling off portions of its Ether holdings over time, possibly to fund ongoing development and research efforts.
Vitalik Buterin established the Ethereum Foundation in 2014, and it is essential to the expansion and long-term viability of the Ethereum network.
Its main goal is to provide money for important sectors such as development, research, and innovation to strengthen the network. With this backing, Ethereum’s technology is guaranteed to stay innovative, safe, and adaptable enough to fulfil the needs of its expanding user base and application ecosystem.
Ethereum’s Price Action
Despite the ongoing sales, Ethereum’s market remains active. At the time of writing, ETH is trading at $2,435.08, marking a 1.40% decline in the past 24 hours. However, the 24-hour trading volume has increased by more than 15%, indicating robust market activity.
Over the past week, Ethereum has experienced a 7% drop, reflecting broader market trends. Its global market capitalization currently stands at $292 billion.
The Foundation’s sales of ETH and the broader market performance will be key indicators to watch as Ethereum continues to evolve in the rapidly changing cryptocurrency landscape.