Quick overview

Live ETH/USD Chart

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The Ethereum Foundation, whale investors, hackers, and other major players have transferred over $500 million worth of ETH in the past two weeks, raising concerns about market stability and liquidity.

According to on-chain data, the Ethereum Foundation sold approximately 6,194 ETH, or $28.36 million, while whale wallets sold $242.34 million in ETH to centralized exchanges.

These transactions, which occurred during a period of heightened volatility, suggest a significant shift in market dynamics and raise questions about the reasons behind such a large liquidity event. The sell-off was accompanied by a sharp decline in Ethereum’s net taker volume, which dropped to -$418.8 million on August 6, 2025.

Additionally, the Ethereum ETF flows showed mixed signals, with initial outflows followed by a $73 million reversal. This level of negative volume is unusual and indicates a strategic move by large holders to offload assets during uncertain times or as part of portfolio repositioning. Staking inflows have increased, signaling that some investors are shifting their focus from speculative trading to long-term value accumulation despite the selling pressure.

This pattern suggests a broader shift in Ethereum holdings from speculation to yield-generating strategies. However, the timing and scale of the Ethereum Foundation’s sell-off have attracted attention, with some analysts questioning its potential impact on the network’s governance and market perception. Hackers may have also played a role, as stolen ETH was quickly liquidated, further amplifying downward price pressure.

When illicit actors are involved, it becomes difficult to determine whether the sell-off is driven by malicious activity, risk management, or strategic positioning. The Ethereum Foundation has defended its actions, stating that the sales were conducted to maintain neutrality and reduce exposure to staking-related risks.