The Ethereum Foundation, a non-profit that supports the Ethereum blockchain, recently transferred a whopping 35,000 ETH (roughly $94 million at current prices) to the Kraken exchange.
Notably, this is the largest transfer performed by the organization in 2024. Prior to that, it had conducted numerous transactions to sell a total of 2,516 ETH for 7.4 million DAI.
The massive transfer spooked some members of the cryptocurrency community, with some of them urging the Ethereum Foundation to offer a higher level of transparency.
"Such payments or transfers must be fully disclosed financially. Do not leave any room for doubt in people's minds," one of the commentators said in a social media post.
Alex DovbnyaThe foundation has a tendency to time the market with a high level of accuracy. For instance, it sold 20,000 ETH back in November 2021, the month the crypto market reached the peak of the previous bull market cycle.
Back in 2019, Ethereum co-founder Vitalik Buterin admitted that he had convinced the foundation to sell as much as 70,000 ETH during the peak of the 2017 bull run.
Despite the recent transfer, the ETH price remains in the green, currently trading at $2,741 on the Bitstamp exchange after surging 5% over the past 24 hours.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin