- The Ethereum Foundation has transferred 2,500 ETH to Bitstamp, leading to increased speculation about its potential market impact and operational needs.
- Ethereum’s upcoming EIP-7781 promises to increase transaction speeds by 50%, improve network efficiency, and reduce costs.
According to Lookonchain, a wallet associated with the Ethereum Foundation transferred 2,500 ETH, or approximately $6.06 million, to the Bitstamp exchange.
While the Foundation has occasionally made such transfers in the past, this recent transaction has sparked much speculation as the Foundation's actions could signal a possible change in market dynamics. .
Wallets related to #Ethereum Foundation Deposit 2,500 $ETH(from $6.06 million) #bitstamp 20 minutes ago.
On November 17, 2015, the wallet received 51,251. $ETH($51.2 million then, $124.5 million now) #Ethereum Foundation.https://t.co/RV8HZrxgKH pic.twitter.com/EpcSD6c0RZ
— Lookonchain (@lookonchain) October 8, 2024
Speculation increases over Ethereum Foundation wallet activities
The wallet used in this transaction has an interesting background. It received a large donation of 51,251 ETH from the Ethereum Foundation on November 17, 2015, with a value of $51,200 at the time. Reflecting Ethereum's explosive price rise over the years, it's the same Ethereum Today's wealth has soared to an astonishing $124.5 million.
The Ethereum Foundation has not given any public legitimacy to its activities, despite the recent volume of 2,500 ETH transfers. This lack of openness allows speculation about the Foundation's goals.
Given the Foundation’s support for the continued growth of the Ethereum network, some market participants believe such transactions could lead to sales to meet operating costs and liquidity needs. Masu.
of Ethereum Foundation has previously conducted remittances to similar exchanges and had significant sales last month. For example, the foundation sold 300 ETH for approximately $707,328, and prior to that it had a smaller transaction selling approximately $1.51 million worth of ETH.
These steady sales suggest that the Foundation may be using its assets to fund the operating costs and development initiatives necessary for the continued growth of the Ethereum network.
On top of that, the Ethereum network is poised for further improvements. According to CNFWith the adoption of EIP-7781, Ethereum's performance may soon show noticeable improvements.
The proposal aims to make Ethereum transactions 50% faster by reducing block times and increasing data capacity, resulting in a more affordable and effective experience for consumers. Masu.
Meanwhile, Ether (ETH) is trading at approx. $2,447.80 At the time of writing, 1.00% Rise in the past 24 hours.
