Ethereum Foundation transfers $654M ETH amid scrutiny and market shifts

The Ethereum Foundation transferred approximately $654 million worth of ETH to a wallet previously used for selling Ethereum, sparking speculation about potential market impact. However, multiple analyses suggest that this transfer was an internal treasury reorganization rather than an immediate sale, as the ETH remained within EF-controlled wallets, potentially linked to security or wallet migration. This move follows recent scrutiny and criticism of the EF's financial management, especially after former lead developer Péter Szilágyi publicly criticized the Foundation for underpaying core developers despite Ethereum's substantial market growth. Meanwhile, Ethereum's price has shown resilience, rebounding above $4,000, with technical indicators signaling bullish momentum despite low demand from spot ETH ETFs and concerns over potential sell-offs. The EF's past smaller sales funded research and development, but today's transaction is notably larger, fueling ongoing debate about the Foundation's strategy amid recent restructuring and developer layoffs. Overall, the market and community remain cautious yet attentive to the EF's large ETH holdings and operational decisions due to their potential influence on Ethereum's ecosystem and token price.