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According to on-chain data, the Ethereum Foundation made a significant ETH move in recent hours.
On-chain analytics firm Lookonchain reports that the ETH Foundation moved 1,200 ETH worth $2.36 million to the grant provider wallet.
In the past month, the specific wallet "Grant Provider" swapped over 1,700 ETH for $2.7 million in USDC with the intention of selling.
The Ethereum Foundation also made other moves, transferring 75 ETH worth $148,000 to the wallet "0x180c" in recent hours, per Lookonchain.
In a similar vein, Arkham Intelligence reports a significant ETH move by the Ethereum Foundation, with wallet 0x9eE transferring 1066 ETH to a new multisig wallet.
Though many possibilities remain as regards the move, it is uncertain what the real motive of the transfer is.
Ethereum, the second-largest cryptocurrency, saw seesaw price action in the past day, reaching highs of $2,100 before retracing back to $1,909.
At the time of writing, ETH was still trading below $2,000 and was down 6% in the last 24 hours to trade at $1,951.
In a positive development, BlackRock, the world's largest asset manager, has filed an S-1 form with the United States Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot Ether exchange-traded fund (ETF).
The price of Ethereum initially increased in response to the filing but subsequently returned to its previous levels.