Key Points
The Ethereum Foundation has maintained its trend of selling ETH this year.
The latest transaction involved the exchange of 450 ETH for 1.029 million DAI.
SpotOnChain, an analytics platform, reported this transaction on September 9.
Details of Ethereum Foundation’s ETH Sales
The Foundation had previously sold 100 ETH for 241,000 DAI on September 5.
This brings the total ETH sales for 2024 to 3066 ETH.
On September 6, an additional 1,000 ETH, valued at $2.38 million, was transferred to another multi-signature wallet.
This wallet is likely to be used for stablecoin swaps.
Another transaction of 1000 ETH occurred the following day.
Throughout this year, the Ethereum Foundation has accumulated approximately 8.66 million DAI.
It still holds 274,012 ETH across seven wallets, which is worth about $637 million.
In August, wallets associated with Ethereum co-founder Vitalik Buterin transferred a total of 3,800 ETH, valued at roughly $9.99 million, to a multi-signature wallet.
There were transfers of 3,000 ETH on August 9 and 800 ETH on August 30.
Later, 760 ETH from the receiving wallet was sold for 1.835 million USDC at an average of $2,414 per ETH.
Rumors circulated that Buterin was selling ETH for profits.
However, he denied these claims and stated that the funds were intended for supporting ecosystem development and philanthropic efforts.
There hasn’t been an official comment from the Ethereum Foundation regarding its recent ETH sales.
However, insiders have suggested that these transactions align with its standard financial strategy.
Aya Miyaguchi, the executive director of the Ethereum Foundation, has previously stated that the foundation’s annual budget of around $100 million is primarily used for operational costs, grants, and salaries.
These expenses often require fiat currency.
To meet these needs, the Foundation strategically converts some of its ETH holdings into stablecoins like DAI.
Justin Drake, an Ethereum Foundation researcher, revealed that the foundation will release a financial report “soon”.
This report is expected to provide further insights on the recent sales.
The recent sales have put pressure on ETH’s price.
The flagship altcoin is currently down 11.9% over the past 30 days.
There are concerns that these sell-offs could trigger further price drops.
