Ethereum Foundation Drops 9,000 ETH in Past Month – What’s Happening?

Analytics account on the X social media network (formerly known as Twitter), Lookonchain, has spread the word about a significant amount of Ethereum transferred to an anonymous wallet earlier today. Ethereum Foundation, which made the transaction, is a non-profit organization that supports various projects on the Ethereum blockchain.

Meanwhile, over the past 24 hours, the second-largest cryptocurrency, Ethereum, has shown a volatile price trajectory. After a 3.7% decline, ETH rebounded, going up by 1.62% and is changing hands at $2,440 at press time.

Ethereum Foundation transfers 9,000 ETH over past month

Today, the Foundation moved 1,000 ETH worth $2.45 million. However, this was not the first transaction in the past thirty days. The Lookonchain post says that during the past month, the Ethereum Foundation has transferred a total of 9,000 ETH to the very same wallet. This amount of Ethereum is valued at around $22 million.

While this may seem like the aforementioned entity has been actively moving ETH to sell it, additional data suggests that the target crypto wallet (-0xc061) might be associated with Gnosis Safe Proxy and might be a multi-signature wallet.

Gnosis Safe Proxy allows users to manage and secure digital assets on the Ethereum network. This suggests that the Foundation may be allocating funds for external use – this entity is well-known for supporting young, promising cryptocurrency projects.

Ethereum Foundation supports Tornado Cash co-founder’s legal defence: Vitalik Buterin

Besides, the EF has also been regularly donating to support the legal defence of a Tornado Cash co-founder, Roman Storm. As reported by U.Today on Thursday, Ethereum co-founder and public leader Vitalik Buterin confirmed that the EF is “matching donations” to the legal defence fund support of the aforementioned individual.

Storm is currently battling legal charges in the US, which include ones related to money laundering and violating sanctions.

Ethereum ETFs face modest $33.2 million inflows

The Lookonchain X account also reported that on June 26, spot Ethereum exchange-traded funds (ETFs) saw a netflow of 13,642 ETH, which equals a modest $33.2 million. That figure took into account the large outflow experienced by the Fidelity Ethereum Fund ETF, totalling 10,897 ETH.

Otherwise, BlackRock’s ETF scooped up 22,698 ETH worth $55.25 million. That was the largest ETH acquisition by a single Ethereum ETF. Currently, BlackRock holds 1,743,756 ETH valued at $4.24 billion in total.