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Home»ETHEREUM NEWS»Ethereum Foundation Calms Bear Market Fears, Explains Why It “Sold” $94 Million
ETHEREUM NEWS

Ethereum Foundation Calms Bear Market Fears, Explains Why It “Sold” $94 Million

By Crypto FlexsAugust 25, 20243 Mins Read
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Ethereum Foundation Calms Bear Market Fears, Explains Why It “Sold”  Million
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An Ethereum Foundation member has addressed investor concerns after the nonprofit transferred a large amount of ETH on Friday. The incident is particularly significant because it sparked bearish discussions in the cryptocurrency community, especially given EF’s ties to the Ethereum network.

$94M ETH Transfer Is Not a Sell – Ethereum Foundation

On Friday, the Ethereum Foundation deposited 35,000 ETH, worth $93.8 million, on the Kraken exchange, which led to a lot of speculation about ETH. These concerns stemmed from the bearish nature of this large transaction and the role of EF in the Ethereum ecosystem.

Described as a non-profit organization, EF claims to play a key role in supporting the technical development of the Ethereum network, so a sudden ETH offload of this magnitude is bound to attract the attention of investors and general market enthusiasts.

In a Saturday X post, Ethereum Foundation Executive Director Aya Miyaguchi described the recent transaction as not “the same as a sale” and instead a process of managing the organization’s finances. Miyaguchi claims that the ETH deposited on Kraken was converted into fiat currency to settle certain obligations. The EF director also said that the large ETH withdrawals were due to previous restrictions on financial activities due to regulatory issues.

Miyaguchi said this:

EF has an annual budget of about $100 million, which is mainly comprised of grants and salaries, some of which are only paid in fiat currency. This year, due to regulatory issues, we have long been advised not to do any financial activities, and have not been able to share our plans in advance.

Prior to transferring 35,000 ETH to Kraken, EF sold a significant amount of ETH in 2024, selling 2,516 ETH for $7.4 million DAI. Aya Miyaguchi stated that the Ethereum Foundation will continue this ongoing ETH sale in a “planned and gradual” manner.

ETH Price Overview

According to data from CoinMarketCap, ETH is currently trading at $2,748 and has shown a slight increase of 0.63% over the past day. The second-largest cryptocurrency is currently stuck in the market within a range of $2,500 to $2,800. If ETH bulls can establish their market dominance, the altcoin could rally from this consolidation, with the next major resistance level set at $3560. However, in the opposite scenario, there could be massive selling pressure, which could push the price of Ethereum down to $2100.

ETH is trading at $2,761 on the daily chart | Source: ETHUSDT chart from Tradingview.com

Featured image of INX, chart from Tradingview

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