The Ethereum Foundation, behind the largest altcoin by market value, Ethereum, moved assets during launch week. After the listing on July 23, ETH ETFs saw a daily volume of 1 billion dollars. Today, as the article was being prepared, it reached 500 million dollars in volume early.
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Approximately 92,500 ETH, worth 290 million dollars, was moved from a wallet that had been inactive for about 7 years. The transfer, which came after a 10% price drop, could have many reasons. There is no guarantee that it was done with the foundation’s knowledge. However, the most plausible scenario is that the fund was moved to another secure address for safekeeping.
According to Arkham Intelligence’s data, the recipient address could be linked to the Ethereum Foundation. As the article was being prepared, the ETH price continued the day with a 7% loss at 3,172 dollars. With the BTC price dropping to 63,500 dollars, the altcoin king experienced double-digit losses during launch week. Many experts expected a sell-the-news event, but this drop was more related to MtGox refunds and the 1.1 trillion dollar loss in the US stock market.
