Ethereum Foundation Allegedly Dumps Nearly $700 Million in ETH

The Ethereum Foundation’s latest move has caught the crypto market’s ￰0￱ transferred 160,000 ETH, worth around $654 million to a wallet known for past token ￰1￱ transaction came as Ether ETFs continue to see low demand, and investor sentiment remains weak. On-chain data from Arkham Intelligence revealed the movement of funds on October ￰2￱ receiving wallet has a record of sending ETH to exchanges like Kraken and SharpLink Gaming, which has raised speculation that the Foundation may be preparing for another ￰3￱ Foundation and the $654 Million Transfer According to Arkham Intelligence, this specific wallet has handled large transfers before, most of which led to token ￰4￱ pattern stirred debate among traders about whether the Foundation is reducing its holdings.

However, Hsiao-Wei Wang, the Foundation’s co-Executive Director, clarified that the move was part of a “planned wallet migration.” She explained on X that there was no sale involved and that the funds were simply being reorganised for operational ￰5￱ with this statement, the timing of the transaction has led to intense ￰6￱ move came during a period of rising concern over how the Foundation manages its assets, especially after recent layoffs and internal ￰7￱ ETFs Show Weak Demand The Foundation’s transfer also comes as Ether ETFs struggles to attract ￰8￱ from SoSoValue shows USspot Ether ETFs saw a $145 million net outflow on October 20 ￰9￱ the past two weeks, these products have lost close to $500 ￰10￱ ETFs have spent most of the week bleeding |), BNB, and Arbitrum (ARB).