Ethereum

Reserve Dollar

Jerome Powell

Foundation

Reserve

<ul>
 <li aria-level="1">Ethereum Foundation transfers 35,000 ETH to Kraken, its largest transaction in 2024, amid Federal Reserve rate cut rumors.</li>
 <li aria-level="1">The transaction’s timing coincides with significant ETH options expiries, adding to market volatility and speculations.</li>
</ul>
The Ethereum Foundation has executed its largest transaction of the year, transferring 35,000 ETH, worth approximately $94.07 million, to the Kraken cryptocurrency exchange.&nbsp;
This comes amidst fluctuations in the market driven by speculations of a potential rate cut by the Federal Reserve and the expiry of substantial Ethereum options.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> BREAKING: The Ethereum Foundation deposited 35,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> ($93.8M) to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a> an hour ago!
 This is their largest <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> transfer out in 2024 so far. Previously, the Ethereum Foundation had only occasionally sold a few hundred <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> on DEX, totaling 2,516 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> for 7.4M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DAI</a>.… <a href="https://t.co/qnagGLL6Oe" rel="noopener noreferrer nofollow">https://t.co/qnagGLL6Oe</a> <a href="https://t.co/PRKaSuf3hN" rel="noopener noreferrer nofollow">pic.twitter.com/PRKaSuf3hN</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1827057564691132682?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="b-transaction-details-and-timing-b">Transaction Details and Timing</h2>
This transfer aligns with a date in financial markets, notably the speech by Fed Chair <a href="https://www.ethnews.com/bitcoin-forecast-deciphering-jerome-powells-remarks-and-market-sentiment/" rel="noopener noreferrer nofollow">Jerome Powell </a>at Jackson Hole which hinted at potential changes in monetary policy. This has had an immediate effect on market sentiments, reflected in the movements of major cryptocurrencies including Bitcoin and Ethereum.
<h2 id="b-market-impact-and-foundation-strategy-b">Market Impact and Foundation Strategy</h2>
The Ethereum Foundation’s decision to transfer such a substantial amount can influence <a href="https://www.ethnews.com/inside-ethereums-surge-in-private-transactions-who-really-pays-the-price/" rel="noopener noreferrer nofollow">Ethereum’s market</a> price due to the size of the transaction. It is part of a pattern where the Foundation capitalizes on market conditions to manage its holdings effectively. This strategic management has been observed in past behaviors during peak market times.
<h3 id="b-technological-upgrades-b">Technological Upgrades</h3>
In parallel with financial maneuvers, Ethereum developers are discussing an upcoming upgrade dubbed “Fulu-Osaka”.&nbsp;
Discussed during the 140th All Core Developer Consensus Conference Call, this upgrade is anticipated to enhance the network’s performance and could potentially affect Ethereum’s valuation and utility.
<h3 id="b-historical-context-of-foundation-s-financial-decisions-b">Historical Context of Foundation’s Financial Decisions</h3>
The Ethereum Foundation has a history of making large transactions at strategic moments, notably selling 20,000 ETH in November 2021 during a market high and 70,000 ETH in the peak of 2017’s market rally. These decisions are seen as strategic liquidations to optimize the Foundation’s financial reserves.
The Ethereum Foundation’s recent transaction is part of a broader strategy that involves both reacting to immediate market conditions and planning for future <a href="https://www.ethnews.com/bots-swarm-ethereum-is-the-networks-new-upgrade-a-bot-paradise/" rel="noopener noreferrer nofollow">network improvements</a>. 
This approach not only aims to safeguard the financial stability of the Foundation but also to ensure the long-term viability and advancement of the Ethereum network.
The post <a href="https://www.ethnews.com/ethereum-foundations-shocking-94-million-move-is-ethereum-setting-up-for-a-record-breakout/" rel="noopener noreferrer nofollow">Ethereum Foundation’s Shocking $94 Million Move: Is Ethereum Setting Up for a Record Breakout?</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Ethereum Foundation’s Shocking $94 Million Move: Is Ethereum Setting Up for a Record Breakout?

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