The Ethereum Foundation (EF) recently transferred 160,000 ETH, valued at approximately $654 million at the time, between its internal wallets. The purpose behind the significant transaction remains unclear, and it is not known if any portion of the funds will be sold on exchanges.

This move follows a sale last month where the foundation sold 10,000 ETH, worth $42.7 million, through the Kraken exchange. Those funds were reportedly allocated for research and development, donations, and grants.

Foundation’s Digital Asset Holdings

According to data from Arkham Intelligence, the wallet managed by the Ethereum Foundation currently holds digital assets totaling $827 million. While the vast majority of this sum is in ETH, the non-profit organization also holds smaller amounts of other tokens, including BNB, Bitcoin (BTC), and Arbitrum (ARB).

Price Action and Internal Criticism

In recent trading, the price of ETH saw a brief spike to an intraday high of $4,113 before pulling back to around the $4,000 level on the Coinbase exchange. The leading altcoin has been working to regain momentum following a substantial price increase in late September.

Meanwhile, the Ethereum Foundation has faced recent internal criticism. In a public letter, Péter Szilágyi, the lead developer for Go Ethereum (Geth), accused the foundation of providing inadequate support for its developers and suggested its focus was too centered on co-founder Vitalik Buterin.