Ethereum Foundation Wallet Sells $33.25M ETH in 3 Days

A wallet linked to the Ethereum Foundation has sold $33.25 million worth of ETH in just three days. According to on-chain data from Lookonchain, it’s identified as wallet 0xF39d. It offloaded 7,294 ETH at an average price of $4,558. The move has caught the eye of traders, given the foundation’s influence in the ecosystem and the size of the transactions.

Three-Day Selling Spree

The selling began on August 13, when the wallet moved 1,695 ETH for $7.72 million in DAI at a price of $4,556. Over the next two days, it added more sales, including 1,100 ETH worth $5.06 million at $4,602, followed by another 1,300 ETH worth $5.87 million at $4,518. By August 16, the wallet had sold a total of 7,294 ETH. Lookonchain data shows that the bulk of these sales occurred in chunks, suggesting a deliberate exit strategy rather than a single market dump. The consistent prices at which the trades were executed also highlight calculated timing.

Long History With the Ethereum Foundation

The wallet is not new to Ethereum’s ecosystem. Records show that 0xF39d received 20,756 ETH from the official Ethereum Foundation wallet “EF 1” back in 2017. That transfer, then worth far less, would now be valued at over $95 million. The wallet has also demonstrated sharp trading instincts in the past. Between June 13 and June 16, 2022, it accumulated 33,678 ETH for $40.2 million at an average cost of just $1,193. With ETH now trading above $4,500, those purchases have generated enormous gains.

What It Means for the Market

Large Ethereum Foundation-linked sales often raise speculation in the market. Some view them as a sign of profit-taking or treasury management. While others interpret them as a signal that prices may have peaked in the short term. This week’s activity does not necessarily mean the foundation is offloading all its holdings. However, the size and timing of the sales have added to conversations about ETH’s current valuation and the foundation’s financial strategies.

As ETH continues to trade above $4,500, market participants will be watching whether further sales follow. For now, wallet 0xF39d has reinforced its reputation as a shrewd trader, able to accumulate during lows and distribute during highs.