2 years ago
Apparently, determination are unthinkable traders successful the Ethereum Foundation. Once again, they managed to currency retired astatine the precise top. On November 16th, ETH was worthy an all-time precocious of $4891. On the precise adjacent day, the Ethereum Foundation sent 20,000 ETH to Kraken and sold them. Is this suspicious astatine all? Not per se, but this is the 2nd clip that they propulsion the aforesaid magic move.
Related Reading | Why The Ethereum Foundation Launched A Client Incentive Program
A nonrecreational trader that goes by the sanction Edward Morra connected Twitter was the archetypal to spot the trade. “Friendly reminder that ETH instauration cashed retired astatine the apical (again). ETH down 40+% since then,” helium said. Morra besides provided a illustration that shows ETH’s crisp diminution successful terms since the sale.
$ETH
Friendly reminder that ETH instauration cashed retired astatine the apical (again). ETH down 40+% since past pic.twitter.com/Bp80hEDvK0
— Edward Morra (@edwardmorra_btc) January 21, 2022
To adhd insult to injury, the Ethereum Foundation lone paid $20 successful state fees. That mightiness beryllium the astir awesome feat of them all.
At the clip of writing, the Ethereum Foundation’s wallet holds 353,318 ETH, which is $835,340 astatine existent prices.
What Do We Know About The Organization’s Previous Sell-Off?
Back to Morra, his Twitter followers told him that this precocious accusation was of nary usage to them. He amazed the satellite and pulled an ace up his sleeve. As it turns out, helium tweeted astir the commercialized astatine the clip it happened. Not lone that, helium warned them, “They cashed retired 35k ETH connected 17th of May this year, marked connected the chart.”
Casual 20k ETH cashout by EthDev, sent to Kraken:https://t.co/w6AbdeW2AJ
They cashed retired 35k ETH connected 17th of May this year, marked connected the illustration 👇 pic.twitter.com/sTbUwHSzD4
— Edward Morra (@edwardmorra_btc) November 11, 2021
As you tin spot connected the chart, connected May 17th the terms of ETH was astatine its erstwhile peak. And aft the Ethereum Foundation sold, ETH trended down for months and months. Is this a coincidence? Does the instauration employment large traders? Or, is determination thing other to this story? Did they dump connected retail ETH holders? Did the Ethereum Foundation cognize thing that the remainder of the satellite didn’t?
The Ethereum Foundation inactive holds 394,787 ETH, and Vitalik said helium persuaded instauration to merchantability 70,000 ETH astatine the apical of 2018 to enactment the enactment of developers. This is simply a mean operation, but it besides means that the Foundation thought that carnivore marketplace is coming.
— Wu Blockchain (@WuBlockchain) May 21, 2021
At the clip of the archetypal sell-off, writer Colin Wu highlighted the commercialized and said, “The Ethereum Foundation transferred 35,000 Eth to the Kraken Exchange connected May 17. Vitalik said bubbles could person ended already connected May 20.” Analyzing the move, Wu said, “This is simply a mean operation, but it besides means that the Foundation thought that carnivore marketplace is coming.”
The state interest for this cognition was 0.00240474 ETH, oregon $5.66 astatine the clip of writing. Wow.
What’s The Ethereum Foundation Anyway?
According to Ethereum’s authoritative site:
“The EF is not a company, oregon adjacent a accepted non-profit. Their relation is not to power oregon pb Ethereum, nor they are the lone enactment that funds captious improvement of Ethereum-related technologies. The EF is 1 portion of a overmuch larger ecosystem.”
The Ethereum Foundation distributes funds to developers via the Ecosystem Support Program and the Fellowship Program, organizes Devcom, and more. To bash each that, they surely request Fiat currency successful immoderate capacity.
Related Reading | Ethereum Foundation Devs Discuss ETH2 Launch & Economics
The question, though, is, did they cognize that a clang was coming? And if they did, did they scope that decision done method and on-chain investigation oregon by… different methods?
Featured Image by PatriestB connected Pixabay | Charts by TradingView
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