Ethereum Foundation Dumps $2.38M in ETH Again as Price Declines Persist

Ethereum has experienced a steady price drop, and recent notable transfers by the Ethereum Foundation have drawn attention. 

On-chain data reveals that one of the foundation’s wallets transferred 1,000 ETH, valued at approximately $2.38 million, to a multi-signature wallet. This transaction occurred early at 05:46 AM UTC and is part of a broader trend of significant movements by the foundation in recent months.

Ongoing Multi-Signature Wallet Activity

The wallet that received the recent 1,000 ETH transfer now holds a balance of 1,678 ETH, valued at around $3.98 million. In addition to ETH, the wallet contains over 32 different tokens, totaling $98,755 in value.

Per Lookonchain, the multi-signature wallet would later transfer the ETH tokens to another wallet identified as “0xd779,” which would subsequently swap the ETH for DAI stablecoin. This suggestion takes inspiration from the historical activities of the Ethereum Foundation, particularly in recent months.

Previous Transfers Exchanges 

A few weeks ago, 35,000 ETH was transferred from the Ethereum Foundation to the Kraken exchange wallet. At the time, the price of ETH was $2,688. This transaction sparked commentaries that the foundation was offloading ETH tokens at higher prices.

At the time, Lookonchain estimated that the Ethereum Foundation had liquidated over half a billion dollars in ETH since January 2021.

Notably, earlier in July, an Ethereum Foundation-linked wallet that had been inactive for seven years was reactivated. In parallel, it moved 92,500 ETH, worth $290 million, to a new address, sparking interest within the blockchain community.

In the same month, Ethereum Foundation and ICO-associated wallets moved ETH tokens valued at $12.5 million to the Kraken exchange. One of these wallets, which had previously received ETH from the foundation and an ICO participant, had deposited a cumulative 17,886 ETH since June.

Another wallet, holding ETH since Ethereum’s genesis, transferred 1,000 ETH to Kraken, though it still held 49,000 ETH across multiple addresses at the time of the report.

These transactions were not isolated events. In February, the foundation sent $13.3 million worth of ETH to Kraken after Ethereum prices surpassed $3,300, echoing a similar sale in January 2022 when 700 ETH were sold off. These transfers, which typically occur during periods of market volatility, have drawn continued attention from market analysts.

Notably, the latest transition from the Ethereum Foundation comes amid ETH battling significant bearish pressure. In particular, ETH is down by over 6% in the last seven days.