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Ethereum (ETH) Experiences Correction Due to Foundation Sell-Off

The Ethereum Foundation has transferred 15,000 ETH, worth almost $30 million, to a Kraken deposit address. At the same time, a personal address owned by Ethereum co-founder Vitalik Buterin also moved 200 ETH to the exchange. Previous large-scale selloffs by the foundation have sometimes signaled market downturns and fueled speculation, though this does not necessarily mean the price of ETH is set to fall. Previous sales have enabled the foundation to cover costs, make high-value purchases and double its funding runway. Whale accumulation and a surge in ETH staked since the Shapella upgrade suggest investors see it as a long-term hold. The Ethereum Foundation also invests in the wider crypto ecosystem and offers grants to projects. 

Disclaimer: This article emphasizes unbiased and transparent reporting, readers are advised to verify facts independently and take professional advice before making any decisions.

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