A wallet linked to the Ethereum Foundation has moved millions of dollars’ worth of ETH. This coincided with the price’s recent rally, as the token edges closer to its all-time high.
Ethereum Foundation Sells $18M ETH Amid Price Rally
Blockchain data shows that a wallet associated with the Ethereum Foundation sold 4,095.18 ETH for approximately $18.75 million in DAI, averaging $4,578 per token.
This transaction followed a string of earlier sales, including 1,694.8 ETH worth $7.72 million just hours before. The wallet sold another 1,100 ETH worth $5.06 million at an average price of $4,602. In total, over 2,794 ETH, valued at $12.78 million, was sold in the first two hours.
Despite these sizable transactions, the market barely flinched. Traders say this shows Ethereum’s liquidity depth and the growing role of long-term holders, in contrast to the more volatile reactions seen in past cycles.
The Ethereum Foundation isn’t the only major seller. An entity called “7 Siblings” has offloaded nearly 20,000 ETH for about $90.4 million USDC at an average of $4,532. They were famous for scooping up 100,000 ETH during last year’s August 5 crash. Even after the sale, they reportedly hold around 280,000 ETH, worth $1.3 billion at current prices.
They had earlier acquired 103,543 $ETH worth $229.7 million at an average price of $2,219 between February 3 and April 7.
Ethereum Price Holds Strong, Eyes ATH Despite Sell-Off
The Ethereum price has surged 8.36% in the past 24 hours, adding to a 28.17% weekly rally. It recently broke the $4,600 resistance level, with indicators signaling bullish momentum. Spot Ethereum ETFs have attracted $523.9 million in daily inflows, absorbing roughly 113,000 ETH a day.
Just yesterday, the price broke the $4,400 resistance after BitMine Immersion Technologies announced it would raise its stock sale target to $24.5 billion. This move is expected to strengthen its already substantial Ethereum reserves.
Similarly, the Ether Machine increased its Ethereum holdings to 345,362 ETH after acquiring an additional 10,605 ETH valued at $40 million. According to the company, the buy was funded through a recent $97 million private placement
Furthermore, SharpLink Gaming revealed plans to increase its Ethereum treasury beyond $2 billion after a $200 million direct offering at $19.50 per share. The company says proceeds will go toward ETH purchases, joining a growing list of firms betting big on the asset.
Co-founder Vitalik Buterin has also reclaimed “on-chain billionaire” status, with his holdings now valued at about $1.04 billion after ETH climbed past $4,433. Other prominent crypto figures include Coinbase’s Fred Ehrsam ($2.93B), WhiteBIT’s Volodymyr Nosov ($6–7B), and the Winklevoss twins ($2.7B each).
Experts predict that by the end of the week, the token may fly back to its previous high of $4,878 due to the current momentum building.
Michael Adeleke
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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