Hours ago, the Ethereum Foundation, a non-profit organization that supports the development of Ethereum and the technologies behind it, moved 15,000 ETH (worth approximately $29.65 million) to cryptocurrency exchange Kraken.
The transfer took place three hours ago when the ETH price was at $1,976. At the time of this writing, ETH price is trading at $ 1,960.
Ethereum Foundation Has Sold Loaded ETH Before
This is not the first time that the Ethereum Foundation has divested its ETH holdings. According to some sources, the foundation has allegedly sold 298,000 ETH since 2018 at an average price of $1,479 (a total of $440.7 million).
Interestingly, the price of ETH has been on a downward trend since the foundation's last transfer and most previous times. This suggests the foundation may be timing its sales to take advantage of market highs or avoid further losses.
Another notable transaction was made by vitalik.eth, the address of Ethereum co-founder Vitalik Buterin. Buterin transferred 200 ETH (approximately $396,000 worth) to Kraken 18 hours before the foundation's move.
It is unclear why the Ethereum Foundation and Vitalik Buterin transferred their ETH to Kraken or what they plan to do with it. However, it is considered certain that these ETHs have been sold.
The Ethereum Foundation is one of the main sources of funding for Ethereum's research and development. It also hosts Devcon, the annual conference for Ethereum developers and enthusiasts. The financial resources of the foundation mainly consist of donations and grants from various sources.
*Not investment advice.