Ethereum

Reddit

Foundation

Momentum

Drake

<ul> 
 <li>The Ethereum Foundation treasury currently holds $650 million in the main wallet.</li> 
 <li>Ethereum has plunged by 5%, trading at $2,260.</li> 
</ul> 
The non-profit organization of the Ethereum blockchain, Ethereum Foundation, will release an updated financial report, as per the official statement. The organization’s treasury has witnessed a significant reduction, with its main wallet holding approximately $650 million. 
This represents a steady decline in the foundation’s holdings since March 2022. At that point, the Ethereum Foundation treasury reported a balance of about $1.6 billion. Moreover, the Ethereum (ETH) price was notably higher, and the foundation held approximately $1.3 billion in ETH and about $11 million of “other crypto.” This underscores the market volatility that has impacted the foundation’s holdings.&nbsp; 
The prominent researcher at the Foundation, Justin Drake, confirmed that he is the Reddit user “bobthesponge1,” who participated in a typed ask-me-anything on an Ethereum subreddit. Also provided the information on the organization’s finances. The foundation spends around $100 million per year and currently has roughly a 10-year runway, depending on the price of ether (ETH), the blockchain’s native token. 
Drake wrote in the AMA session that “The EF has a fiat buffer to cover a couple of years of runway.”&nbsp; 
Ethereum co-founder <a href="https://thenewscrypto.com/ethereum-cofounder-vitalik-buterin-redirects-focus-away-from-l2-tokens/" target="_blank" rel="noreferrer noopener">Vitalik Buterin</a> mentioned that the current budget strategy is to spend 15% of the remaining money every year. On the other hand, as per on-chain <a href="https://x.com/lookonchain/status/1827036101858750549" target="_blank" rel="noreferrer noopener nofollow">data</a>, the Ethereum Foundation has transferred 35,000 ETH, approximately worth $94.07 million, to the Kraken exchange. 
Meanwhile, over the last two years, funds have notably declined due to the burn rate and price decreases.&nbsp; 
<h3 class="wp-block-heading" id="h-price-momentum-of-ethereum">Price Momentum of Ethereum&nbsp;</h3> 
Over the past week, <a href="https://thenewscrypto.com/ethereum-faces-increased-selling-pressure-amid-market-uncertainty/" target="_blank" rel="noreferrer noopener">ETH</a> faced a critical drop of over 10.40%, falling back from $2,525 to $2,330. At press time, the asset witnessed a decline of 5%, trading at $2,260. Meanwhile, the daily trading volume has increased by 94.33%, to $26.12 billion, as per CMC <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noreferrer noopener nofollow">data</a>.&nbsp; 
The token visited its 24-hour low and high price at $2,150 and $2,405, respectively. Moreover, the market sentiment of ETH stays in the fear zone, as the fear and greed index stays at 27.&nbsp; 
Highlighted Crypto News 
<a href="https://thenewscrypto.com/vaneck-to-liquidate-and-close-ethereum-futures-etf-amid-low-interest/" target="_blank" rel="noreferrer noopener">VanEck to Liquidate and Close Ethereum Futures ETF Amid Low Interest</a>

Ethereum Foundation Wallet Shrinks to $650M as Market Shifts

Table of Contents

TheNewsCrypto

Other articles published on Sep 7, 2024

Rocky Rabbit Enigma & Superset Combo September 7, 2024

Bitcoin Prophecy from a Giant Technology Company: “In 18 Months…”

Changpeng Zhao Permanently Barred from Binance Management But Retains Power: Binance CEO

Pepe Saves Pavel Memecoin Will Skyrocket Over 14,000% Ahead of Exchange Listings, While SHIB and ...

Vitalik Buterin Shares 10-Year Visions for Ethereum Network

Top Crypto to Invest in Right Now September 7 – Algorand, Hedera, TRON

Join our free newsletter for daily crypto updates!