Ethereum Foundation Sells $12.7M in ETH Amid Price Surge

The Ethereum Foundation recently sold 2,795 ETH, valued at approximately $12.7 million, as ether prices surged to their highest levels of the year. Onchain data from analytics provider Lookonchain indicates that the wallet associated with the Foundation, "0xF39…E4B," sold 1,695 ETH at about $4,556, totaling 7.72 million DAI late Tuesday night. An hour later, it sold another 1,100 ETH at $4,602. This wallet initially received 20,756 ETH from the "EF 1" address in 2017 and currently holds just 99.9 ETH (around $457,681) and 11.6 million DAI. The Ethereum Foundation’s actions coincide with a strong upward momentum in ether’s price, which recently topped $4,500—the highest this year. As of 10:50 p.m. Tuesday ET, ether had increased by 7.2% in the past 24 hours, reaching $4,579, according to The Block’s Ethereum price page. Ethereum is currently outperforming Bitcoin in year-to-date price gains, driven by extensive investments in Ethereum treasury companies and significant inflows into spot Ethereum exchange-traded funds (ETFs). Corporate ether treasuries, led by firms like SharpLink Gaming and Bitmine, collectively hold nearly $9 billion worth of ETH. Additionally, spot ETH ETFs recorded over $1 billion in total daily net inflows on Monday, marking a milestone since their launch last year.