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<p>News of the Ethereum Foundation depositing 35,000 ETH into crypto exchange, <a href="https://www.thecoinrepublic.com/2024/08/24/kraken-must-answer-sec-allegations-as-court-denies-dismissal-request/" rel="noopener noreferrer nofollow">Kraken</a> on Friday took the market by storm with community members seeking an explanation. However, Ethereum Foundation member Aya Miyaguchi cleared the air stating that the recent <a href="https://x.com/lookonchain/status/1827036101858750549" target="_blank" rel="noopener noreferrer nofollow">ETH movement</a> was part of their treasury management activities.</p>
<h2 class="wp-block-heading" id="h-ethereum-foundation-on-eth-sell-off"><strong>Ethereum Foundation on ETH Sell-off</strong></h2>
<p>Offering insights into the Foundation’s treasury management activities, Aya Miyaguchi stated that the Ethereum Foundation operates with an annual budget of approximately $100 million, primarily allocated towards grants and salaries. She added that some of the recipients of the funds can only accept fiat currencies.</p>
<p>Miyaguchi further explained that this year due to regulatory complexities, the Foundation experienced extended advisories against conducting treasury activities. As a result, there was a delay in disclosing their plans in advance.</p>
<p>Miyaguchi also clarified that the recent transaction of 35,000 ETH is not part of the sale, adding that Ethereum Foundation’s strategy involved planned and gradual sales moving forward.</p>
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   <p lang="en" dir="ltr">This is part of our treasury management activities. EF has a budget of ~$100m per year, which is largely made up of grants and salaries, and some of the recipients are only able to accept in fiat. This year, there was a long period of time when we were advised not to do any…</p>— Aya Miyaguchi (ayamiya.eth) (@AyaMiyagotchi) <a href="https://twitter.com/AyaMiyagotchi/status/1827219654999470258?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 24, 2024</a>
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<p>As a result, despite this move from the Ethereum Foundation, there was no major sell-off pressure on the <a href="https://www.thecoinrepublic.com/price-prediction/ethereum/" rel="noopener noreferrer nofollow">ETH price</a>. Instead, the Ethereum price has been enjoying a strong rally to $2,750 fueled by Jerome Powell’s clear hint on the Fed rate cuts coming next month in September.</p>
<p>Popular technical analyst Benjamin Cowen shared a chart stating that the ETH price still continues to trade under its 20-week simple moving average (SMA), while Bitcoin (BTC) and altcoins have already reached their bull market support bands.</p>
<p>He added that the ETH price might close this gap by the time the Federal Reserve cuts rates in a few weeks, potentially mirroring the patterns seen in 2016 and 2019 when ETH rallied around September 19-20.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> is well below its 20W SMA while <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> and <a href="https://twitter.com/hashtag/ALTs?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ALTs</a> have already reached their bull market support band. <br><br>Seems like ETH could close this gap by the time the Fed cuts rates in a few weeks, especially if this repeats either 2016 or 2019 where ETH rallied into Sep 19-20. <a href="https://t.co/HcB9sqi5RP" rel="noopener noreferrer nofollow">pic.twitter.com/HcB9sqi5RP</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1827096582267040086?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 23, 2024</a>
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<h2 class="wp-block-heading" id="h-vitalik-buterin-s-emphasis-on-layer-1-robustness"><strong>Vitalik Buterin’s Emphasis On Layer 1 Robustness</strong></h2>
<p>In one of his recent tweets, Vitalik Buterin praised the resilience of Ethereum’s Layer-1 network. Citing data from Supermajority, Buterin showed that no single execution client holds more than two-thirds market share.</p>
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   <p lang="en" dir="ltr">No execution client has more than 2/3 market share, according to <a href="https://t.co/cQWI9dK1MK" rel="noopener noreferrer nofollow">https://t.co/cQWI9dK1MK</a><br><br>Great news for the robustness of the Ethereum L1. <a href="https://t.co/B6thOa65c9" rel="noopener noreferrer nofollow">pic.twitter.com/B6thOa65c9</a></p>— vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1827301405029507534?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 24, 2024</a>
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<p>Earlier this week, Buterin also highlighted several other milestones achieved by the Ethereum network shrugging off concerns regarding the weakness in the Ethereum ecosystem.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/24/ethereum-foundation-member-addresses-eth-sell-off-concerns/" rel="noopener noreferrer nofollow">Ethereum Foundation Member Addresses ETH Sell-off Concerns</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Ethereum Foundation Member Addresses ETH Sell-off Concerns

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