Ethereum Foundation Makes Biggest Transaction of the Year: Almost $100 Million!
The Ethereum Foundation, a nonprofit organization supporting the Ethereum blockchain, recently transferred 35,000 ETH (approximately $94 million at current prices) to the Kraken exchange.
This is the largest transfer made by the foundation in 2024. Prior to this transfer, the foundation had made multiple transactions to sell a total of 2,516 ETH for 7.4 million DAI.
This large transfer has some members of the crypto community concerned, with some suggesting that the Ethereum Foundation should provide greater transparency. âThese types of payments or transfers should be fully disclosed financially. Leave no room for doubt in peopleâs minds,â one commentator wrote on social media.
Very close market follower
The Ethereum Foundation tends to time the market with a fairly high degree of accuracy. For example, the foundation sold 20,000 ETH in November 2021, when the crypto market was at its peak in the previous bull cycle. In 2019, Ethereum co-founder Vitalik Buterin admitted that he convinced the foundation to sell 70,000 ETH at the peak of the 2017 bull market.
Even after the latest transfer, the ETH price remains in the green zone. It is currently trading at $2,741 on the Bitstamp exchange and has increased by 5 percent in the last 24 hours.
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