The Ethereum Foundation has continued its trend of transferring ETH tokens to external wallets for liquidation amid market volatility.

In its latest move, on-chain data indicates a series of significant transactions involving millions of dollars to the Bitstamp exchange. Specifically, a wallet associated with the Ethereum Foundation deposited 2,500 ETH, valued at approximately $6.06 million, into the Bitstamp exchange today. This transfer was split into two transactions of 1,250 ETH each.

The first transaction occurred at 08:14:35 AM UTC, followed by a second at 08:19:23 AM UTC. The Foundation’s decision to send this substantial amount of ETH tokens to a centralized exchange has led to speculation that it may intend to sell. This move comes at a time when Ethereum is battling bearish pressure. Specifically, ETH has crashed by 3% today.

Notably, the wallet tied to the Foundation had previously received 51,251 ETH from the Ethereum Foundation in November 2015, valued at $51,200 at that time. Remarkably, its value has since increased to approximately $124.5 million.

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