Ethereum Foundation Moves Millions in ETH Prior to 6% Price Drop
According to on-chain data, the Ethereum Foundation has made a significant move with ETH in recent hours.
On-chain analytics firm Lookonchain reports that the ETH Foundation transferred 1,200 ETH worth $2.36 million to the grant provider wallet.
Over the past month, the specific wallet “Grant Provider” has exchanged over 1,700 ETH for $2.7 million in USDC with the intention of selling.
In addition, the Ethereum Foundation has transferred 75 ETH worth $148,000 to the wallet “0x180c” in recent hours, according to Lookonchain.
Similarly, Arkham Intelligence reports a significant ETH transfer by the Ethereum Foundation, with wallet 0x9eE transferring 1066 ETH to a new multisig wallet.
Although the motives behind these transfers remain uncertain, Ethereum, the second-largest cryptocurrency, experienced volatile price action in the past day, reaching highs of $2,100 before retracing back to $1,909.
At the time of writing, ETH is still trading below $2,000 and has seen a 6% decline in the last 24 hours to trade at $1,951.
In a positive development, BlackRock, the world’s largest asset manager, has filed an S-1 form with the United States Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot Ether exchange-traded fund (ETF).
The price of Ethereum initially increased in response to the filing but subsequently returned to its previous levels.