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Ethereum Foundation Transfers $90 Million Worth of Coins To Sell on Kraken

The Ethereum blockchain explorer, the Ethereum Foundation reveals transferring almost $100 million worth of Ethereum coins to Kraken exchange.

Furthermore, as per the transaction page on Etherscan, it dates Nov. 11, 02:56 p.m. UTC, while Ethereum trades at around $4,810.

More so, The transaction itself is not strange since the Ethereum Foundation is constantly selling its crypto funds. That’s, in order to receive fiat currencies then supports the organization’s activity.

However, the main fears of majority of users is the timing that the foundation is making this move.

Also, as per market history of Eth and on-chain data, the foundation plans to sell its holdings 3-5% close to the next local top.

Additionally, The sells amount by the foundation does not get to 0.1% of the daily trading volume of Eth. Therefore, it cannot affect the price directly.

Notably, The Ethereum Foundation is an organization with vision towards the support of the Eth ecosystem. Of course, this includes updating, sustaining and constantly developing the network.

Lastly, The company confirms it exists only to support the ecosystem and not to lead or control it.

Also, Ethereum Foundation claims that it does not hold a monopoly on the development of the network.

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