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Ethereum Foundation Moves 35,000 ETH ($96.5M) to Kraken Amid Market Concerns

Aug 24, 2024, 09:27 AM

The Ethereum Foundation has moved 35,000 ETH, valued at approximately $96.5 million, to the cryptocurrency exchange Kraken. This move has sparked discussions within the cryptocurrency community, with some suggesting it is a sign of the Foundation 'dumping' its holdings. The transfer coincides with a period where Ethereum's price is at multiyear lows relative to Bitcoin, and some traders have incurred significant losses, including a $3.9 million loss from a whale who sold 3,900 ETH. Additionally, a trader who shorted ETH was liquidated for $11.15 million. The Foundation reportedly spends $100 million annually on grants and salaries, with $30 million allocated in grants in Q4 2023. The Ethereum Foundation holds $845 million in ETH, representing 0.25% of the total ETH supply.