Ethereum has surged past the $3,000 mark, following the Ethereum Foundation’s transfer of 21,000 ETH to its internal Gnosis Safe Proxy address over the past two months.
According to data from crypto.news, ETH reached a new high on July 11, marking its first time above $3,000 since early February. After months of sluggish performance, the second-largest cryptocurrency by market capitalization finally broke through the key resistance level.
At 06:30 AM UTC on July 11, ETH peaked at $3,019 before experiencing a slight pullback to around $2,990 by 7:00 AM UTC. As of press time, Ethereum is trading at $2,987, reflecting a 6.6% gain in the past 24 hours. Over the past week, ETH has climbed 16.8%, and it’s up 22% over the last two weeks. Additionally, its daily trading volume has jumped by 62.9% compared to the previous day, signaling a significant uptick in market activity.
Ethereum Foundation keeps shifting ETH holdings
Earlier today, on-chain analytics firm PeckShield reported that the Ethereum Foundation has moved a total of 21,000 ETH—worth approximately $62.8 million—from its primary wallet to an internal address over the past two months. A third of that amount, around 7,000 ETH or $20.9 million, was subsequently transferred to another address.
Within the past 24 hours, that third address converted 1,210 ETH into USDC, amounting to roughly $3.5 million.
The transfers sparked mixed reactions in the crypto community. Some traders accused the Ethereum Foundation of offloading ETH and driving negative market sentiment. Others defended the organization, citing its updated treasury policy.
“There’s a lot of FUD right now about the Ethereum Foundation selling ETH—don’t buy into it,” said trader @digitalartchick on X. “The Foundation uses its 200K ETH treasury to engage in DeFi and generate yield. They haven’t sold ETH since the leadership change earlier this year.”
Back in June, the Ethereum Foundation publicly announced a revised treasury management strategy. The new approach includes conducting more regular ETH-to-fiat conversions to maintain a stable fiat reserve, while also expanding participation in staking and DeFi activities.
