Ethereum Foundation Suddenly Moves $654 Million Worth of ETH

According to data provided by Lookonchain, the Ethereum Foundation (EF) recently moved a total of $654 moved a total of 160,000 ETH tokens (roughly $654 million at the time of the transaction) between internal wallets.

It is unclear whether some of these tokens will end up being sold on exchanges.

Last month, the EF sold a total of 10,000 ETH ($42.7 million at the time of the transaction) via Kraken in order to fund R&D, donations, and grants. The move was viewed as anti-DeFi.

Remaining holdings

Arkham Intelligence data shows that the wallet controlled by the EF currently holds a total of $827 million worth of tokes. ETH, of course, makes up virtually all of the sum, but the non-profit organization also holds such tokens as BNB, Bitcoin (BTC), and Arbitrum (ARB).

ETH price action

Earlier today, the price of the ETH token spiked to an intraday high of $4,113 before paring some of its gains. The cryptocurrency is currently trading at $4,002 on the Coinbase exchange.

The leading altcoin has been struggling to regain its momentum after experiencing a substantial price surge in late September.

The market is clearly no longer impressed by Tom Lee’s most recent ETH purchases.

Backlash against the EF

In the meantime, the EF recently faced some backlash after Geth (Go Ethereum) lead developer Péter Szilágyi published his 2024 letter to the leadership behind the non-profit. Szilágyi accused the EF of inadequate developer support and argued that it was centered around Ethereum co-founder Vitalik Buterin.