Ethereum Worth $288 Million Moves for the First Time in Seven Years

On July 25, an address reportedly linked to the Ethereum Foundation (EF) transferred 92,500 ETH, valued at approximately $287.7 million, after seven years of inactivity.

?BREAKING: WALLET LINKED TO THE ETHEREUM FOUNDATION MOVES 92,000 $ETH ($289M) AFTER 7 YEARS

— BSCN Headlines (@BSCNheadlines) July 25, 2024

In response to speculation about the involvement of the non-profit organization, EthHub co-founder Eric Conner stated it was likely an early contributor.

This is not the EF

Links back to a wallet that received a lot of ETH from the EF early on, likely an early contributor. https://t.co/LCxbFa6lGP

— eric.eth (@econoar) July 25, 2024

A source from The Block confirmed within the Ethereum Foundation:

“This is not an EF wallet.”

According to Arkham, on September 1, 2015, the organization moved 96,474 ETH. From the new address, the funds were sent seven years ago to an unmarked wallet, which remained largely inactive during this time.

Conner believes the 2015 transaction was the initial transfer of EF assets to an investor. There were many such operations at the time, he added.

Comments noted that ETH was priced at $1.35 then, and the total amount slightly exceeded $100,000.

In July, Ethereum prices fell below $3,200 amid ETF outflows.