Ethereum Foundation has just become the center of attention when a cryptocurrency wallet allegedly associated with the organization has conducted transactions selling thousands of ETH in the past few days. According to data from Lookonchain on August 16, the wallet with an address starting with 0xf39d has sold 7,294 ETH within three days, at an average price of $4,558 per ETH, generating approximately $33.25 million.
Notably, this wallet previously bought 33,678 ETH at an average price of $1,193 per ETH during the period from June 13-16, 2022, when the market was in crisis. In comparison, the recently sold ETH only represents a small portion of the previous purchase, but the profit has multiplied many times, demonstrating a quite effective "Dip-to-Peak" strategy.
However, what has stirred the community is the actual origin of this wallet. Ms. Hsiao-Wei Wang, co-executive director of Ethereum Foundation, has explicitly stated that the selling activity was not carried out by the foundation itself. According to her, during the 2014 ICO, Ethereum Foundation once held approximately 9% of the total ETH supply. But now, this number has dropped to below 0.3%, meaning it no longer has a significant market impact. This also means that after 10 years, many wallets allegedly "related" to Ethereum Foundation are actually just early investors, not the official wallet of the foundation.
This story recalls memories of previous ETH sell-offs. Whenever there is news about Ethereum Foundation transferring or selling ETH, the market usually experiences significant fluctuations, with investors fearing this is a "Dump" signal. However, reality has shown many times that these transactions could come from old wallets of developers or ICO participants from 2014, rather than an official move from the foundation.
