Ethereum

2024

Foundation

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The Ethereum Foundation, a non-profit that supports the Ethereum blockchain, recently&nbsp;<a href="https://x.com/spotonchain/status/1827057564691132682" rel="noopener noreferrer nofollow">transferred</a> a whopping 35,000 ETH (roughly $94 million at current prices) to the Kraken exchange.&nbsp;&nbsp;
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.&nbsp;&nbsp;
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.&nbsp;
"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.&nbsp;
The 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.&nbsp;
Back in 2019, Ethereum co-founder Vitalik Buterin&nbsp;<a href="https://www.youtube.com/watch?v=8TwNNgiNZ7Y" rel="noopener noreferrer nofollow">admitted</a> that he had convinced the foundation to sell as much as 70,000 ETH during the peak of the 2017 bull run.&nbsp;
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.&nbsp;

Ethereum Foundation Makes Its Largest ETH Transfer of 2024

U_Today

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