The events that marked this weekend included the arrest of Telegram and Toncooin (TON) founder Pavel Durov in France, while the $94 million sale made by the Ethereum Foundation came second.
Ethereum Foundation (EF) Executive Director Aya Miyaguchi said that the $94 million transfer of 35,000 ETH was not a full-fledged sale, but was part of routine treasury management activities required to fund the foundation’s annual budget.
While the ETH Foundation's $94 million transfer continues to be talked about, blockchain platform Arkham Intelligence compared past ETH sales.
Drawing attention to the sales he made in 2020 and 2021, Arkham stated that the ETH price increased by over 500% just months after the Ethereum Foundation carried out a large ETH sale.
At this point, Arkham noted that the Ethereum Foundation sold 100,000 ETH in 2020 and the ETH price increased 6 times shortly after that date.
According to Arkham data, the price of ETH rose to $4,182 on May 12, 2021, approximately five months after the Ethereum Foundation sold 100,000 ETH on December 17, 2020, worth approximately $63 million at the time. Later in 2021, the price of ETH reached a cycle peak of $4,891.70 on November 10.
While the Ethereum Foundation is making another big sale, Arkham's post raised the question of whether there will be a big rise like in 2021 after the last sale.
“The Ethereum Foundation is known to have sold the top in May and November 2021.
But in 2020, they sold 100,000 ETH right before ETH went up 6x.
Last night they sent another 35k ETH worth $95m to Kraken.
I wonder if they were able to sell it at the right time this time?”
*This is not investment advice.