Ethereum Foundation-linked Wallet Sends $3M in ETH to Exchange, Another Sell Off?

A wallet associated with the Ethereum Foundation has transferred $3.03 million in ETH to Bitstamp, fueling speculation about a potential sell-off.

Recent blockchain activity linking to the Ethereum Foundation has drawn further attention after a large transfer of 1,250 ETH, worth approximately $3.03 million, was made to the Bitstamp exchange. 

This transaction, which occurred just a day ago, has sparked discussions within the crypto community. According to Akharm Intelligence, this address was originally funded by the Ethereum Foundation, receiving 51,251 ETH from the organization nine years ago. At the time, the value of the funds stood at $51.2K, which has since appreciated to an estimated $124.5 million.

An address originally funded by the Ethereum Foundation just sent $3M to Bitstamp.

9 years ago, this address received 51,251 ETH from the Ethereum Foundation.

At the time, this was worth $51K. pic.twitter.com/BwmUuIJXpu

— Arkham (@ArkhamIntel) October 8, 2024

Akharm’s data highlighted the ongoing activity from this address, suggesting further movement of significant Ethereum funds. Just two weeks ago, the same address sent 20 ETH worth $52,330 to a Kraken deposit.

Meanwhile, in the past two months, the wallet transferred a total of 1,210 ETH, split between several transactions to Bitstamp. 

This included a transfer of 1,000 ETH worth approximately $2.61 million and another 200 ETH valued at $521,380. To close the period, another 10 ETH was transferred to Bitstamp.

Significant ETH Activity Continue 

The timing of these movements aligns with the recent activities of some Ethereum ICO participants who have been steadily offloading their ETH holdings.

For instance, an individual who originally received 150,000 ETH during Ethereum’s Genesis block event began selling off portions of their holdings on September 22. 

Since then, they have sold 45,000 ETH for a total of $113.2 million at an average price of $2,516 per ETH. This whale continued to sell, offloading another 19,000 ETH on October 3 for approximately $47.54 million.

Speculation Surrounds Foundation’s Intentions 

The Ethereum Foundation’s decision to move large quantities of ETH to centralized exchanges has led to mounting speculation about its plans. While no official announcements have been made, many observers believe these actions indicate a potential sell-off. 

In response to the latest movement linked to the Ethereum Foundation’s wallet movements, one commenter expressed fascination with the significant appreciation of the holdings. They marveled at how an initial $51.2K worth of ETH has grown to an impressive $124.5 million.

Another commenter speculated that the Ethereum Foundation might have been compromised by what they described as the “anti-crypto Kamala state,” fueling further debate in the community.