The total sales of the foundation, known as the supporter of the Ethereum blockchain, this year amounted to 3,066 ETH.

According to data from analytics platform SpotOnChain, the Ethereum Foundation traded 450 ETH for the DAI stablecoin on September 9. This transaction follows the sale of 100 ETH on September 5. These moves regarding the sales of the Ethereum Foundation in 2024 are being watched carefully by investors and market analysts.

On September 6, the Foundation transferred 1,000 ETH to another multi-signature wallet. This transaction represents a value of $2.38 million and will likely be converted into stablecoins. The next day, another transfer of 1,000 ETH took place.

During this year, the Ethereum Foundation has accumulated a total of approximately 8.66 million DAI and currently holds 274,012 ETH in seven different wallets, worth approximately $637 million in total.

Last month, wallets connected to Ethereum co-founder Vitalik Buterin transferred a total of 3,800 ETH to a multi-signature wallet. These transfers took place in the form of 3,000 ETH on August 9 and 800 ETH on August 30.

After the transfers, 760 ETH from the recipient wallet was sold for an average of $2,414 per ETH, yielding a total of 1,835 million USDC. These transactions triggered some accusations that Buterin was selling ETH for profit. However, Buterin rejected these claims and stated that the funds would be used for ecosystem development and charity work.

There has been no official statement yet regarding the Ethereum Foundation’s ETH sales, but internal observers state that these transactions are compatible with the foundation’s standard financial strategies.

Aya Miyaguchi, executive director of the Ethereum Foundation, stated that the foundation’s annual budget is approximately $100 million, and most of it is used for operational costs, grants and salaries. Since these expenses often require fiat currency, the foundation is strategically converting some ETH holdings into stablecoins.

“There will be planned and gradual sales,” Miyaguchi said. Additionally, Ethereum Foundation researcher Justin Drake announced that the foundation will soon release a financial report and this report will provide more information about recent ETH sales.

The effects of the recent sales on the ETH price are remarkable. ETH has fallen by 11.9% in the last 30 days. Market watchers worry that such massive sales could cause price fluctuations.

Various speculations continue as to whether these strategic sales of the Ethereum Foundation are made to meet the financial needs of the foundation or to influence market dynamics.