The Ethereum Foundation (EF) has recently been observed moving a substantial amount of cryptocurrency, specifically 160,000 ETH tokens, valued at approximately $654 million at the time of the transaction. This significant transfer occurred between the Foundation's internal wallets, as reported by data from Lookonchain. The exact purpose of these internal movements remains unclear, and it is not yet known whether a portion of these tokens will eventually be introduced to cryptocurrency exchanges for sale.

These recent movements follow a previous instance last month where the Ethereum Foundation sold 10,000 ETH, amounting to $42.7 million at the time, through the Kraken exchange. This prior sale was reportedly conducted to secure funding for research and development initiatives, various donations, and grants. However, this action drew criticism from some in the community who viewed it as "anti-DeFi," sparking discussions about the Foundation's financial strategies and their perceived impact on the decentralized finance ecosystem.

In terms of its overall asset portfolio, data from Arkham Intelligence indicates that the wallet controlled by the Ethereum Foundation currently holds an impressive total of $827 million worth of various tokens. While Ethereum (ETH) constitutes the vast majority of this sum, the non-profit organization's holdings also diversify into other notable cryptocurrencies such as Binance Coin (BNB), Bitcoin (BTC), and Arbitrum (ARB), showcasing a broader investment strategy beyond its native token.

Concurrently with these internal financial activities, the price of the ETH token has experienced recent fluctuations. Earlier today, the cryptocurrency briefly spiked to an intraday high of $4,113 before subsequently paring some of its gains. At present, ETH is trading around $4,002 on the Coinbase exchange. Despite these recent movements, the leading altcoin has reportedly been struggling to regain strong momentum following a substantial price surge that occurred in late September. The market's reaction suggests that recent purchases, such as those attributed to Tom Lee, have not significantly impressed investors or altered the current price trajectory.

Adding to the Foundation's recent developments, the EF has also faced internal backlash. This stems from a public letter published by Péter Szilágyi, the lead developer of Geth (Go Ethereum), addressed to the leadership of the non-profit organization. In his 2024 letter, Szilágyi leveled accusations against the Ethereum Foundation, citing inadequate developer support and arguing that the organization's structure and focus were excessively centered around Ethereum co-founder Vitalik Buterin. This internal critique highlights potential governance and operational challenges within the influential organization.