Ethereum Foundation Sold 20K ETH Worth $97M At Its All-Time High

The Ethereum Foundation, the company behind the development of the Ethereum ETH/USD blockchain ecosystem, sold a significant amount of their ETH holdings at the asset’s peak price in November 2021.

What Happened: According to a transaction observed on the Ethereum blockchain by Twitter user Edward Morra, on November 11 last year, the Ethereum Foundation cashed out 20,000 ETH on crypto exchange Kraken.

At the time, the second-largest cryptocurrency by market cap was trading at a price of $4,800 and the collective amount sold was worth more than $97 million.

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Ethereum has lost at least 40% of its value since its peak price last year and was trading at under $2,500 at the time of writing.

Morra highlighted that in 2021, the Ethereum Foundation cashed out 35,000 ETH on May 17 – incidentally, this was also at the asset’s previous all-time high and two days before the wider crypto market crashed.

The Ethereum Foundation’s wallet address is called EthDev and has a total of 353,318 ETH worth $827 million at current prices.