Ethereum Foundation has back although likewise made a sale that coincided with the market peak. The foundation has been known to make sales that have been perfectly timed to the market. This time around, the market crash occurred about two days after and has afterward achieved Ethereum (ETH) to lose 40% of its market cost. Speculations in the space are that the foundation is manipulating the peaks to its benefit.
Ethereum Foundation Sells 20K Ethereum (ETH)
The most recent sale by the Ethereum Foundation came out to a total of $97 million. The foundation had moved 20k Ethereum (ETH) out of its dev account known as EthDev. Folflating the sale, the rate of Ethereum (ETH) crashed by more than 40%. This was a serious amount taken out of the dev wallet, presumably to fund the activities of the foundation. The foundation had made a sale on the Kraken crypto exchange, where it had transferred the coins.
A Twitter user known as Edward Morra, who has been tracking the transactions of EthDev exposed the sale to the public. It matches the move of funds from the wallet in the past while the rate of ethereal had run towards a new high. Morra highlighted that the foundation’s analysts had managed to call the top of the market and had sold the foundation’s coins accordingly.
— Edward Morra (@edwardmorra_btc) January 21, 2022
Selling With The Peak
This is not the first time that the Ethereum Foundation has made a serious sale that has coincided with the market peak. Twitter user Edward Morra further points out that the foundation has managed to time the last two peaks. One happened during the market rally that completed in May and the other further coincided with the market rally that finished in November.
Ethereum (ETH) begins recatopy trend | Source: Ethereum (ETH)USD on TradingView.com
In May of 2021, the Ethereum Foundation had sold a total of 35K Ethereum (ETH) from its dev wallet. This sale aligned with the peak of the market at that time, with the market crash happening not protracted after.
— Edward Morra (@edwardmorra_btc) November 11, 2021
This has led to speculations that the foundation is timing the market and might they know something that the general public does not. Could they know that a market crash was coming and hence sold before it happened? This lasts to be seen.
As of this time, the Ethereum dev wallet likewise has a compelling number of Ethereum (ETH) left, all of them premined. There is a total of 353,318 Ethereum (ETH) left in the wallet, that is worth above $800 million at the time of writing.
Featured image from Trustnodes, chart from TradingView.com