Ethereum Foundation Denies Recent ETH Sell-off Amid Corporate Holdings Surge
The Ethereum Foundation has denied any involvement in a recent 2,975 ETH sell-off. Co-Executive Director Hsiao-Wei Wang confirmed via X that the wallet in question is no longer under Foundation control.
Back during the 2014 ICO, nearly 9% of ETH was allocated to the Ethereum Foundation.Today, its holdings have dwindled to less than 0.3% of the total supply. The wallets from that era, however, still occasionally appear in transactions, causing confusion.
Wang explained, “It’s notable to understand that many old wallets are no longer tied to us. Some past allocations remain active but don’t hold Foundation funds.”
This clarification comes as corporate ETH holdings have soared above $14 billion. Companies like SharpLink Gaming are amassing significant volumes of ETH, concentrating the supply in public hands.
- In July, the Ethereum Foundation sold about 10,000 ETH to SharpLink Gaming.
- Possibly reducing.Foundation’s influence over the network.
Ethereum’s co-founder, Vitalik Buterin, warned that while corporate ETH adoption broadens mainstream access, it could also introduce systemic risks. Overleveraging by companies might trigger forced liquidations during market downturns, amplifying volatility.
Currently, ETH trades at $4,776, up about 30% this week and near its all-time high.
