A wallet (0xF39d) linked to the Ethereum Foundation has sold around 4,094 ETH for approximately $18.75 million of DAI in the past 24 hours as ETH marks a yearly high. This can be seen as a profit-taking move by the non-profit Ethereum organization.
On-chain data from Arkham Intelligence shows that the wallet, which was last active four months ago, started offloading its ETH earlier today, with a total of 1,694 ETH sold for $7.72 million DAI at around an ETH price of $4,556. Then, over an hour later, it sold another 2,400 ETH in a series of transactions for around $11.03 million DAI.
This wallet, which has been linked to receiving 20,756 ETH worth $95.5 million at the time from the Ethereum Foundation in 2017, is currently diverting its portfolio to DAI as a means to stabilize their profit. DAI is an Ethereum-based stablecoin and currently the fifth largest stablecoin by market cap of over $4.45B.
Ethereum (ETH) Surges to Yearly High
Ethereum has been trading near the $4,600 level since yesterday after gaining around 8.6% yesterday alone. This move can be traced to positive sentiment around the cryptocurrency as more institutions and individuals grow confidence in its potential. ETH is now sitting around roughly 5.7% below its all-time high (ATH) of $4,891, and we could expect more volatility in the coming days.
While Bitcoin has recently created a new ATH, Ethereum has shown more positive year-to-date performance. As of press time, Ethereum was up over 28.21% since the beginning of the year, beating Bitcoin’s gains of 27.40%.
Ethereum treasury firms, investment firms, and overall growth in adoption of Ethereum have been the fuel for these performances, and we can expect more positive performance as we see more ETH inflows and ETH treasury firms keep buying more.
Two days ago, spot ETH ETFs witnessed a record daily inflow of $1.02 billion, followed by a daily inflow of $523.92M yesterday. This indicates that while some profit-taking is occurring, investors are still putting more money into the digital asset.