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Once Again, The Ethereum Foundation Cashed Out A Large Sum Of ETH At The Peak

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The Ethereum Foundation, a non-profit dedicated to supporting the Ethereum blockchain and ecosystem, purportedly cashed out a large number of ETH. Edward Morra, a well-known cryptocurrency trader and technical analyst, discovered the information after digging through the Foundation’s previous account data.

Before the music stops playing, Ethereum Foundation participants appear to be well informed of when they should cash out a portion of their share.

According to Morra, the Foundation sold 20,000 Ether on the Kraken exchange at a time when the world’s second-largest cryptocurrency by market value was at an all-time high. On November 16, ETH reached an all-time high of $4,891.26, but the Ethereum Foundation liquidated its coins the next day.

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Since then, the cryptocurrency has been on a downward trajectory. At the time of writing, it was worth $2,458.92, a 50% decline in price as the entire crypto market plummeted.

The trader pointed out that this wasn’t the first time Foundation representatives sold their ETH at or near the top of the market, probably anticipating a pullback. For example, on May 17, 2017, they converted 35,000 ether to fiat currency, just after the cryptocurrency reached its prior high.

The Foundation’s principal address, EthDev, currently has a balance of 353,318 ETH. Based on today’s pricing, this sum represents roughly $832 million.

But don’t write off Ethereum just yet because of the Ethereum Foundation’s sell-down. From decentralized finance (DeFi) to non-fungible tokens, the blockchain is currently the dominating home for some of the hottest cryptocurrency developments (NFTs).

The network will also switch to a proof-of-stake (PoS) consensus process, which will cut energy usage while simultaneously improving scalability and lowering gas fees considerably. All of these upcoming innovations will almost certainly help Ethereum keep its position as the most popular blockchain for smart contracts.