Ethereum Foundation Sells Massive Stake

The Ethereum Foundation sold Ethereum at its peak price in November, dumping around 20,000 tokens with a value of around $97 million. Observers found the transaction on the blockchain, tweeting about a “casual 20k ETH cashout.” At the time of the transaction, Ethereum was priced at $4800. Since then, the token has lost around 40% of its value, and it recently dipped below $2500. This activity should intrigue investors because it appears that the Ethereum Foundation has a habit of selling when the token reaches its peak. For example, there was another selloff of 35,000 Ethereum on May 17, the previous all-time high—just 2 days before a widespread crypto market crash. Even so, the EthDev wallet still has a total of over 350,000 tokens that are worth over $800 million at current prices. At press time, Ethereum was trading just below $2200, down almost 13% on a sinking market cap and a slight uptick in volume.