- Ethereum crossed the $3,000 threshold for the first time since February amid a sharp rise in trading activity and investor interest.
- The Ethereum Foundation transferred 21,000 ETH in two months, prompting discussions around its treasury management policy.
- ETH’s trading volume surged by nearly 63% in a day, supporting its short-term price rise and signaling a return of market momentum.
Ethereum briefly crossed the $3,000 mark early on July 11, driven by heightened market activity and significant transfers by the Ethereum Foundation. At 06:30 AM UTC, ETH climbed to $3,019 before retreating to $2,990 within the next half hour. Despite the slight correction, Ethereum remains up by 6.6% in the past 24 hours.
In the period between a week and two weeks, the second-biggest cryptocurrency has increased by 16.8% and 22%, respectively. Market data indicates that Ethereum recorded a 62.9% growth in the appealed volume of trading in one day in comparison with the former day. This implies increased involvement and investor re-interest in ETH.
Foundation shifts the case market response
Through on-chain data released late last week by PeckShield, it has been disclosed that the Ethereum Foundation has transferred 21,000 ETH, which is valued at around $62.8 million, to the internal Gnosis Safe Proxy address over the last 2 months. A third of the amount, about 7,000 ETH, was moved to another wallet. Within the last 24 hours, that wallet then exchanged 1,210 ETH, equivalent to 3.5 million USDC.
These movements drew criticism from some traders who viewed them as token dumping. However, others defended the foundation’s actions, citing its revised treasury policy announced earlier in June. Under this new framework, the Foundation will increase fiat reserves through regular ETH sales and expand involvement in staking and DeFi strategies.
The new treasury approach aligns with current activity
The Foundation owns a reported 200,000 ETH in the treasury and has since left the passive asset holding strategy to enter directly into the decentralized finance. Its most recent deals seem to be in line with its revised financial management strategy. Even though this has been a controversial factor, the incline in price indicates that the news has been received well within the market at large.
