Ethereum Foundation Wallet Moves Huge Amount in Ether After 7 Years of Idleness

Key Points:

• The Ethereum Foundation moved 92,500 ETH, worth $290 million, on July 25 after seven years of inactivity.
• Earlier in July, Ethereum Foundation wallets transferred $12.5 million and $9 million to the Kraken exchange.
• Ether is currently trading at $3,165, down over 10% since the approval of spot Ethereum ETFs and recent BTC distributions from Mt. Gox.

Ethereum Foundation, a major non-profit backing the development of Ethereum, caught the cryptocurrency community off guard as a huge Ether quantity seems to have been moved.

Read more: Ethereum Foundation Associated Transferred $64.48M ETH!

Ethereum Foundation Wallet Executes $290 Million ETH Transfer After Seven Years

On July 25, a Ethereum Foundation wallet transferred some approximately 92,500 ETH, worth around $290 million, which was earlier sitting idle since 2017.

The transfer was identified by blockchain analytics firm Arkham Intelligence, Cointelegraph reported. At the time of writing, the funds had not been reshuffled from the wallet receptor, according to data from Etherscan.

Earlier in July, other Ethereum Foundation wallets had also transferred notable amounts. On 17 July, an Ethereum Foundation wallet and a wallet attributed to Ethereum ICO participants transferred $12.5 million and $9 million, respectively, to the Kraken exchange.

Ether Price Drops Over 10% Following ETF Approval

The motives behind such large movements are unknown, and also, it is not confirmed whether the Ethereum Foundation has directly initiated these transactions. The Ethereum Foundation was formed to support the ecosystem of the Ethereum blockchain and its community of developers.

At the moment, Ether changes hands at $3,165, down more than 10% since the green light for spot Ethereum ETFs. Coupled with this is the distribution of Bitcoin from Mt. Gox that puts additional selling pressure on the market.