Vitalik Buterin, the brain behind Ethereum, has always been clear about why the Ethereum Foundation sells ETH. It's all about fueling the future! Those ETH sales are the lifeline for developers, research, and all things making Ethereum even more awesome.
So, what's the latest scoop? The Ethereum Foundation, the powerhouse supporting Ethereum, just sold 100 ETH for a cool 334,315.7 DAI on November 12th. This marks their first ETH transaction since they dropped their 2024 report last week.
According to the blockchain gurus at ‘Spot On Chain,' the foundation has been busy in 2024, selling 4,266 ETH for a whopping $11.83 million, with each token going for an average of $2,773. In September, they offloaded 1,250 ETH, raking in about $3.07 million, and in October, another 300 ETH worth $759,000. They've been doing this almost weekly over the past couple of months.
Now, some folks in the community are scratching their heads, wondering why the foundation is selling instead of staking their ETH. But fear not! Vitalik Buterin is here to clear the air. He explains that these sales are the secret sauce behind funding some crucial projects. They're paying the brains behind Ethereum's tech leaps, supporting privacy-boosting zero-knowledge (ZK) tech, making accounts easier to use, and hosting global Ethereum events. All these efforts have made Ethereum stronger and more reliable, keeping it running smoothly since 2016.
In the latest financial peek for 2024, the Ethereum Foundation revealed they've got a hefty $970.2 million in their treasure chest. That's $788.7 million in crypto goodies and $181.5 million in other investments. Over 99% of their crypto stash is in ETH, which makes up about 0.26% of all the ether out there.
When you zoom out, the whole Ethereum ecosystem is swimming in $22.2 billion in treasury reserves, managed by a mix of foundations, organizations, and DAOs. The Ethereum Foundation is the boss of 4.4% of that treasure. In terms of spending, the ecosystem shelled out $457 million from 2022 to 2023, with the Ethereum Foundation chipping in nearly half at $240.3 million.
And guess what? The market didn't even flinch at the latest ETH sale. Ethereum is still flexing its muscles, maintaining its bullish streak from last week, and is now trading above $3,230 after a 33% rally.
Meanwhile, Ethereum's spot ETFs are breaking records, with a massive $295.5 million in flows. BlackRock's ETHA and Fidelity's FETH each pulled in $100 million, proving that Ethereum's still got that magic touch!
