Following affirmative comments of an impending rate cut by US Federal Reserve Chairman Jerome Powell, Ethereum (ETH) alongside other crypto assets experienced a rapid price gain with the total crypto market cap rising by 6% on Friday. The price of Ethereum in particular moved upward by 6.38% to nearly breach the $2800 price mark. However, amidst this crypto market raving with bullish sentiments, the Ethereum Foundation (EF), a non-profit organization committed to supporting the Ethereum network, has offloaded a substantial amount of ETH.\n<\/p>\n
According to on-chain analytics firm, Spot on Chain,<\/a> the EF, which is devoted to financing critical developments on the Ethereum network, has been selling small amounts<\/a> of its holdings in the last few months culminating in 2516 ETH for $7.4 million DAI.<\/p>\n On Friday, the Ethereum Foundation executed its largest sale transaction of 2024 depositing 35,000 ETH worth $93.8 million on the Kraken exchange. Generally, whale transactions of this size usually draw much attention as they are indicative of the market\u2019s next likely movement.<\/p>\n \u00a0<\/p>\n BREAKING: The Ethereum Foundation deposited 35,000 $ETH<\/a> ($93.8M) to #Kraken<\/a> an hour ago!<\/p>\n This is their largest $ETH<\/a> transfer out in 2024 so far. Previously, the Ethereum Foundation had only occasionally sold a few hundred $ETH<\/a> on DEX, totaling 2,516 $ETH<\/a> for 7.4M $DAI<\/a>.\u2026 https:\/\/t.co\/qnagGLL6Oe<\/a> pic.twitter.com\/PRKaSuf3hN<\/a><\/p>\n \u2014 Spot On Chain (@spotonchain) August 23, 2024<\/a><\/p>\n\n \u00a0<\/p>\n In particular, this latest transaction by the Ethereum Foundation has been highly speculative, due to the direct affiliation of the organization with the Ethereum network, with some ETH enthusiasts interpreting such a sale as a bearish signal. Notably, in the last few hours following the sale, ETH has experienced a slight decline of 1.3%.<\/p>\n However, general market sentiment remains largely bullish with an anticipated rate cut by the Fed in September. Rate cuts,<\/a> an inverse of rate hikes, mean lower interest rates which allow investors to acquire more volatile assets such as cryptocurrencies. Following Powell\u2019s announcement on Friday, experts are predicting a rate cut of 30-50bps which could exert relatively positive effects on the crypto market including ETH.<\/p>\n