$6 Million ETH Sale: Ethereum Foundation Joins Whale Liquidation Frenzy
The Ethereum Foundation is executing a liquidation plan to sell portions of its Ether balance, moving 2,500 ETH (approximately $6 million) to Bitstamp on October 8, 2024. In 2024, the foundation has sold a total of 3,766 ETH for $10.46 million, with sales occurring roughly every 11 days, averaging 151 ETH per transaction. The foundation retains 271,274 ETH, valued at about $655 million. Continuous selling has raised concerns in the crypto community about potential downward pressure on ETH prices, which have declined by around 8% in the past two weeks. Aya Miyaguchi, executive director of the foundation, stated that these sales are part of a financial strategy to cover operational costs and ongoing projects, with an annual budget of approximately $100 million. The foundation aims to convert part of its ETH reserve into stablecoins like DAI to meet these expenses. The impact of these sales on ETH prices and the Ethereum ecosystem remains uncertain.
