Ethereum, the second-largest cryptocurrency by market cap, has finally broken through the $3,000 barrier, and it’s all thanks to the ETH Foundation’s epic ETH shuffle! 💸💰
According to data from crypto.news, ETH (ETH) reached a new high on July 11, surpassing the $3,000 mark for the first time since early February. But don’t get too excited, folks – it quickly corrected itself and settled around the $2,990 level. 📉
At the time of writing, ETH has gone up by 6.6% in the past 24 hours and is currently trading hands at $2,987. The token has also seen a 16.8% increase in the past week and a 22% increase in the past two weeks. Its daily trading volume has increased by a whopping 62.9% compared to the previous trading day, indicating a rise in recent market activity. 🚀
Ethereum Foundation’s ETH-ceptional Dance Moves
Earlier today, on-chain monitoring firm PeckShield reported that the Ethereum Foundation has been moving ETH around like a pro dancer, transferring a total of 21,000 ETH or approximately $62.8 million from its main trove to an internal address in the last two months. 🕺💃
The address then moved a third of that chunk, approximately 7,000 ETH or $20.9 million, to a different address. Afterwards, the third address swapped 1,210 ETH for USDC (USDC) worth $3.5 million within the past 24 hours. 💸
Some traders accused the ETH Foundation of dumping its own native token, but others came to their defense, stating that it was part of the network’s new treasury policy. 💼
“A lot of FUD going on right now about the Ethereum Foundation selling ETH, don’t believe it!” said a trader with the X handle @digitalartchick. “The Ethereum Foundation uses its 200K ETH treasury to participate in DeFi and generate yield, they do not sell ETH anymore since the leadership change this year,” the user continued in the post.
Earlier in June, the Ethereum Foundation informed the public that it would implement a new treasury strategy that would see the foundation executing more regular ETH sales to maintain a fiat reserve and expand on its staking and DeFi deployments. 📈
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2025-07-11 11:28