Spotonchain, a prominent blockchain analytical platform, the Ethereum Foundation recently sold 100 ETH for 345,179 DAI. This transaction is noteworthy because it took place just hours before the scheduled launch of Ethereum ETFs, adding intrigue to the timing and raising questions over the exact reason behind such a transaction.

Ethereum Foundation’s Sales in 2024

Spotonchain reports that, in 2024, the Ethereum Foundation has sold a total of 2,366 ETH, amounting to 6.9 million DAI, at an average price of $2,916 per ETH. The last recorded sale occurred 21 days ago, on July 2. 

These sales are seen as part of a strategic approach by the Foundation to manage its Ethereum holdings effectively. Meanwhile, The timing of these transactions is particularly intriguing, given the imminent launch of Ethereum ETFs. 

In addition to the recent sale, Spotonchain highlights that another wallet linked to the Ethereum Foundation and the ICO, identified as “0xdb3,” moved 3,200 ETH (valued at $11.2 million) to the Kraken exchange 19 hours ago. 

This significant movement of funds raises questions about the Foundation’s financial strategies and market outlook. However, the exact reason behind this activity remains unclear.

Ethereum ETFs to Bring $4 Bln Inflows 

However, Chinese journalist Colin Wu predicts that the spot Ethereum ETFs could attract up to $4 billion in capital inflows within the next year. Meanwhile, analysts predict Ethereum’s price will rise by 24% within this period. 

As of now, Ethereum is trading at $3,506, having bounced back 0.53% after a recent 3.5% drop, showing strong recovery potential.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed