This weekend was marked by the arrest of Telegram and Toncoin (TON) founder Pavel Durov in France, while the Ethereum Foundation’s $94 million sale took the spotlight.
Ethereum Foundation (EF) Executive Director Aya Miyaguchi clarified that the $94 million transfer of 35,000 ETH was not a full sale but part of routine treasury management to fund the foundation’s annual budget.
As discussions continue around the Ethereum Foundation’s recent $94 million transfer, blockchain platform Arkham Intelligence analyzed past ETH sales. Arkham highlighted that after significant ETH sales in 2020 and 2021, the price of ETH surged by over 500%.
Specifically, Arkham noted that the Ethereum Foundation sold 100,000 ETH in 2020, after which ETH’s price increased sixfold. According to Arkham’s data, ETH reached $4,182 on May 12, 2021, approximately five months after the foundation’s December 17, 2020, sale of 100,000 ETH, then valued at about $63 million. Later that year, on November 10, 2021, ETH’s price peaked at $4,891.70.
As the Ethereum Foundation makes another significant sale, Arkham’s analysis raises the question of whether ETH will see a similar rise following this recent transaction.
“The Ethereum Foundation is known for selling near market peaks in May and November 2021. But in 2020, they sold 100,000 ETH right before ETH increased sixfold. Last night, they sent another 35k ETH worth $95 million to Kraken. I wonder if they timed this sale as well as the others?”
This is not investment advice.