Ethereum has recently surged, prompting many investors to ponder: should they sell stocks for cash? Or should they hold on for further gains? The Ethereum Foundation seems to have chosen the former, as the related wallet address sold at least 2,795 Ethereum this morning (13th), cashing out approximately $12.7 million.
According to wallet tracking records released by on-chain data analysis platform Lookonchain, an address associated with the Ethereum Foundation, '0xF39…E4B', sold 1,695 Ethereum this morning at a price of approximately $4,556 each, receiving 7.72 million DAI (a stablecoin pegged to the US dollar); about an hour later, it sold another 1,100 Ethereum at an average transaction price of approximately $4,602.
'0xF39…E4B' wallet received 20,756 Ethereum from the Ethereum Foundation's main wallet 'EF 1' back in 2017. Now, the wallet's balance is down to only 99.9 Ethereum (about $457,700) and 11.6 million DAI.
This wave of operations coincides with a sharp rise in Ethereum's price. As of the time of writing, Ethereum has risen 8.5% in the past 24 hours to $4,652, just 4.4% away from its all-time high of $4,878.26 set in November 2021.
Factors driving the Ethereum market include not only retail enthusiasm but also rapid institutional buying. Currently, the total holdings of Ethereum by publicly listed companies such as SharpLink Gaming and Bitmine are approaching $9 billion. On the other hand, the net inflow of Ethereum spot ETFs on Monday exceeded $1 billion for the first time in a single day, setting a new high since their listing.
