Ethereum Foundation offloads $12.7 million worth of ETH amid price momentum: onchain analyst

The Ethereum Foundation has sold at least 2,795 ETH, valued at about $12.7 million, as ether prices surged to yearly highs, according to onchain data.

Onchain data analytics provider Lookonchain reported that the wallet "0xF39…E4B" linked to Ethereum Foundation offloaded 1,695 ETH at around $4,556 for 7.72 million DAI late Tuesday night. Then about an hour later, it sold another 1,100 ETH at $4,602.

The wallet, which originally received 20,756 ETH from the "EF 1" address in 2017, now holds 99.9 ETH (worth about $457,681) alongside 11.6 million DAI.

Ethereum Foundation's move coincides with ether's strong price momentum, with the cryptocurrency reaching above $4,500 — its peak for the year. As of 10:50 p.m. Tuesday ET, ether climbed 7.2% in the past 24 hours to $4,579, according to The Block's Ethereum price page . 

Ether is now outperforming bitcoin in year-to-date price gains, fueled by a recent wave of Ethereum treasury companies and significant flows into spot Ethereum exchange-traded funds. 

Corporate ether treasuries, led by SharpLink Gaming and Bitmine, now hold close to $9 billion worth of ETH. Meanwhile, spot ETH ETFs recorded over $1 billion in total daily net inflows on Monday, which is a first since their debut last year.