Ethereum Foundation Continues Liquidation, Adds $1.03M ETH in 5 Minutes
CryptoNewsTerminal Staff09 Sep, 2024
Ethereum Foundation Continues Liquidation, Adds $1.03M ETH in 5 Minutes
On-chain analyst ai_9684xtpa reported on Twitter that an address believed to be the Ethereum Foundation wallet liquidated 450 $ETH (or $1.03 million) in the past five minutes. This brings the total amount of $ETH liquidated to 3,066 $ETH (or $8.68 million) since the start of the liquidation spree eight months ago, at an average price of $2,830 per $ETH. The reason behind the liquidation is still unknown, but some speculate that it could be related to funding the foundation's operations or investing in other projects. It is worth noting that the Ethereum Foundation has been liquidating its ETH holdings for several months now, and this recent sale is just a continuation of that trend. The Ethereum Foundation is a non-profit organization that supports the development of the Ethereum platform. The foundation provides funding for research and development, promotes the adoption of Ethereum, and supports the Ethereum community. The foundation's mission is to "build a more decentralized and open world by supporting the development of Ethereum."
