Ethereum Foundation Moves $18M ETH as Price Surges
Ethereum Foundation Transfers $18M ETH Amid Price Rally
A wallet linked to the Ethereum Foundation recently moved a substantial amount of ETH, coinciding with a notable price increase that brings the token closer to its all-time high. Blockchain data indicates the foundation sold 4,095.18 ETH for approximately $18.75 million in DAI, averaging $4,578 per ETH.
This transaction follows previous sales, including 1,694.8 ETH worth $7.72 million, which occurred just hours earlier. Another sale involved 1,100 ETH valued at $5.06 million, priced at an average of $4,602. In total, these transactions amounted to 2,794 ETH, worth $12.78 million, within a two-hour window.
Despite these significant transfers, the market reaction has been muted, highlighting Ethereum's deep liquidity and the increasing influence of long-term holders, a departure from the volatile responses seen in previous market cycles.
Major Holders Also Selling
The Ethereum Foundation isn't the only significant entity making moves. An entity known as "7 Siblings" has reportedly sold nearly 20,000 ETH for roughly $90.4 million USDC at an average price of $4,532. This entity previously acquired 100,000 ETH during last year's market dip. They still hold approximately 280,000 ETH, valued at $1.3 billion at current prices.
The "7 Siblings" had acquired 103,543 ETH between February 3 and April 7, spending $229.7 million at an average price of $2,219.
Ethereum Price Remains Strong
Ethereum's price has shown considerable strength, increasing by 8.36% in the last 24 hours and marking a 28.17% rally over the week. Having recently surpassed the $4,600 resistance level, market indicators point towards continued bullish momentum. Spot Ethereum ETFs are attracting inflows, absorbing approximately 113,000 ETH daily.
Further bolstering market sentiment, BitMine Immersion Technologies recently announced plans to increase its stock sale target to $24.5 billion, a move expected to reinforce its Ethereum reserves.
Other firms are also increasing their ETH holdings. For example, Ether Machine has expanded its Ethereum treasury to 345,362 ETH following an acquisition of 10,605 ETH worth $40 million, funded by a recent $97 million private placement. Similarly, SharpLink Gaming intends to grow its Ethereum treasury beyond $2 billion after raising $200 million.
Ethereum co-founder Vitalik Buterin has also regained “on-chain billionaire” status, with holdings valued at approximately $1.04 billion after ETH exceeded $4,433.
Analysts predict that Ethereum may revisit its previous high of $4,878 by the end of the week, given the current positive momentum.
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