The Ethereum Foundation, the company behind the development of the Ethereum (CRYPTO: ETH) blockchain ecosystem, sold a significant amount of their ETH holdings at the asset’s peak price in November 2021.
What Happened: According to a transaction observed on the Ethereum blockchain by Twitter user Edward Morra, on November 11 last year, the Ethereum Foundation cashed out 25,000 ETH on crypto exchange Kraken.
Casual 20k ETH cashout by EthDev, sent to Kraken:https://t.co/w6AbdeW2AJ
They cashed out 35k ETH on 17th of May this year, marked on the chart pic.twitter.com/sTbUwHSzD4— Edward Morra (@edwardmorra_btc) November 11, 2021
At the time, the second-largest cryptocurrency by market cap was trading at a price of $4,800 and the collective amount sold was worth more than $97 million.
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Ethereum has lost at least 40% of its value since its peak price last year and was trading at under $2,500 at the time of writing.
$ETH
Friendly reminder that ETH foundation cashed out at the top (again). ETH down 40+% since then pic.twitter.com/Bp80hEDvK0— Edward Morra (@edwardmorra_btc) January 21, 2022
Morra highlighted that in 2021, the Ethereum Foundation cashed out 35,000 ETH on May 17 – incidentally, this was also at the asset’s previous all-time high and two days before the wider crypto market crashed.
The Ethereum Foundation’s wallet address is called EthDev and has a total of 353,318 ETH worth $827 million at current prices.
