Ethereum Foundation Makes Its Largest ETH Transfer of 2024

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As a seasoned researcher and crypto enthusiast with a keen eye for market trends, I find the recent transfer of 35,000 ETH by the Ethereum Foundation to Kraken intriguing. While transparency is key in any financial transaction, especially those involving such significant amounts, it’s important to remember that these actions are often strategic decisions made by organizations like the Ethereum Foundation.

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.  

In particular, the 2024 transaction marked the biggest transfer ever made by the organization. Previously, they had executed multiple transactions to sell 2,516 ETH, accumulating a total of 7.4 million DAI.

Some individuals within the cryptocurrency community were alarmed by the large-scale movement, calling for the Ethereum Foundation to provide more openness and clarity in their operations.

“The commentator emphasized that all financial transactions or transfers should be completely transparent, leaving no question in anyone’s mind.”

The foundation often predicts market timing quite precisely. For example, they sold 20,000 Ether back in November 2021, a time when the crypto market had peaked during the previous bull run cycle.

In 2019, Ethereum co-creator Vitalik Buterin openly disclosed that he had successfully persuaded the foundation to offload approximately 70,000 Ether tokens at the height of the 2017 market surge.

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. 

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2024-08-23 23:20