The Ethereum Foundation has been a sales sale and cashed in part of its ETH interests as the token to its strongest levels in years.
Summary
- The Ethereum Foundation sold 2,795 ETH in two transactions worth almost $ 13 million.
- ETH is currently acting above $ 4,600, the highest level since November 2021.
- The foundation previously noted that the progress of its sales is used to support the development and activities of ecosystem.
Data in the chain have shown various wallet movements of the Ethereum Foundation over the past 24 hours, starting with a 1,695 ETH (ETH) sale of lookonchain on 13 August.
Exchanged for a total of $ 7.7 million DAI (DAI), the sale was quickly followed by another 1,100 ETH dump for $ 5.06 million, which the total so far discharged to around 12.8 million.
The wallet originally received the assets in 2017 from another wallet linked to the foundation, with the label “EF 1.” The last sale comes in the midst of ETH’s Sharp Rally, as the prices reach new multi-months highs.
ETH jumps 8%, all time is high
Ethereum traded slightly less than $ 4,635 at the time of writing and about 8.3% has risen in the last 24 hours, so that the monthly rally has been extended that has broken its earlier trend of underperformance.
The second largest crypto-asset became an intraday height of $ 4,683, levels for the last time in November 2021. The rebound in the price of ETH is driven by a strong institutional demand, led by listed funds and important business assets.
ETFs recently registered a historical inflow with one day of $ 1.02 billion, which marked a five -day series of strong fund flows. The Treasury bets on ETH have also grown in recent months, with more than $ 14 billion committed so far in different entities.
These combined streams feed the expectations for ETH to re-test its $ 4,800 all-time high, where many investors and market guards anticipate an outbreak outside that level.
In the meantime, the latest ActivumDump from the Ethereum Foundation is not isolated and builds on its wider track record of Sales.
Why does the Ethereum Foundation ETH dump?
Large-scale asset shuffles from the foundation have often built eyebrows, especially when they come in considerable batches, such as the latest sale. The last such transaction was in January, which at the time pulled a significant recoil from the community for price effects.
However, the team maintained that these are not merely profitable efforts, but planned sales aimed at maintaining the ecosystem.
Aya Miyaguchi, the president of the foundation, previously noted that the sale is mainly used for costs such as operational costs, subsidies, salaries and others who often require the foundation to convert part of its participations into Stablecoins.
The strong price performances of ETH have so far muted concern about the impact of the market, but a continuous sales trend could again cause criticism of the foundation and strategy of the foundation.
