Ethereum Foundation Engages in Major ETH Swap as Price Falls Below $2,400
The Ethereum Foundation has reportedly swapped over $1.5 million worth of ETH for DAI stablecoin, selling 700 ETH on Cow Protocol and acquiring 1.68 million DAI tokens. This move comes as the price of Ethereum dropped below $2,400 and major ETH whale activity suggests a further sell-off. In the past five hours, ETH worth $122.15 million has been dumped across various exchanges, including Binance and Coinbase. Despite a short-term bearish downturn, ETH is trading above the 50-day and 100-day EMAs, indicating a bullish sentiment in the long term.
Nethermind fixes a critical bug in Ethereum client
The development company Nethermind has fixed a severe error in the Ethereum execution client that caused block processing failure for validators. According to the company's Technical Director, Daniel Cadela, the consensus error affected software versions 1.23 to 1.25. All node operators need to update to version 1.25.2. The error was first reported by GitHub user wga22, who stated that the Nethermind execution client had an error when verifying transactions. Although this event affected a small portion of Ethereum nodes, it sparked a new discussion about the network's dependency on large clients such as Geth.
Multiple whales accumulated a total of 26,841 ETH
According to Lookonchain monitoring, whales are accumulating ETH, with a total of 26,841 ETH (US$64.5 million). Address 0x55C1 withdrew 7,779 ETH (US$18.7 million) from Binance 2 hours ago. Addresses 0xDa17 and 0x278f (possibly the same person) withdrew 8,077 ETH (US$19.4 million) from Bitfinex. Address 0x5a11 withdrew 3,228 ETH (US$7.8 million) from Binance. 6 new wallets withdrew 7,756 ETH (US$18.7 million) from Binance and Kraken.
The Ethereum Foundation converted 700 ETH into DAI and transferred it to the 0x9eE address used to fund the disbursement of funds.
As monitored by on-chain analyst Yu Jin, half an hour ago, the Ethereum Foundation sold 700 ETH at a price of $2,406 and exchanged it for 1,684,445 DAI at the address used to fund the funding withdrawal. Path: Ethereum Foundation transferred ETH → 0xbC9 address → sold for DAI at 0xd77 address → used for funding withdrawal at address (0x9eE).
Ethereum briefly fell below $2,400, down 2.85% in 24 hours
According to OKX market data, Ethereum briefly fell below $2400, currently priced at $2404, with a 24-hour decline of 2.85%.
A certain whale sold 645 ETH an hour ago and has a remaining position of 20,841 ETH.
According to Chain Analysis analyst @ai_9684xtpa that in the past six hours, an ETH whale with a win rate of 100% since November has cumulatively purchased 2580 ETH (valued at $6.26 million) with an average cost of $2425. An hour ago, the whale sold 645 ETH at an average price of $2431. Currently, the address holds a total of 20,841 ETH (valued at $50.45 million), with an average purchase cost of $2380 and a floating profit of $850,000.
A giant whale withdrew 7,779 ETH from Binance 1 hour ago
According to Spot On Chain monitoring, a whale that has gained a total profit of $14.6 million from ETH has obtained more tokens during the recent downturn. One hour ago, the whale 0x55c withdrew 7,779 ETH ($18.9 million) from Binance at a price of about $2,430, close to the local bottom. It is worth noting that the whale deposited 9 million USDT into Binance 5 days ago.
Justin Sun has transferred approximately $60 million worth of crypto assets from Binance since December 18 last year
According to Lookonchain monitoring, Justin Sun has withdrawn $60 million worth of assets from Binance starting from December 18, 2023. The assets include: 17,433 ETH ($43 million); 68,999 AAVE ($6.7 million); 6.564 billion SHIB ($6.3 million); 61,249 LINK ($957,000); 27.16 billion FLOKI ($885,000); 1.7 million MANA ($826,000); and 100,100 BAND ($168,000).
Open interest in ETH contracts across the network dropped to $8.415 billion
Coinglass data shows that the total open position of ETH futures contracts on the entire network is 3.4035 million ETH, equivalent to $8.415 billion, with a 24-hour decrease of 3.32%.
The address associated with PulseChain pledged 2,607 ETH to Mantle 20 minutes ago, equivalent to approximately US$6.46 million.
20 minutes ago, the PulseChain related address pledged 2,607 ETH worth $6.46 million to Mantle, as monitored by @ai_9684xtpa. This part of the ETH was transferred multiple times from the PulseChain address nine months ago (April 13, 2023), with a cost basis of $1,917 and currently a floating profit of $1.45 million.
Ethereum Attestation Service EAS launches “Attestation Fellowship” builder program
Ethereum Attestation Service EAS has announced the establishment of the "Attestation Fellowship" builder program on X platform. The program lasts for 6 weeks, and selected teams can launch proof products, including knowledge tracing, reputation systems, data markets, content authenticity, voting systems, audit verification, mortgage loans, RWA verification, etc. Early founders or teams who have not yet received financing can submit applications before February 18th. About 10 teams will officially enter the program at the end of February. It is reported that the program does not provide direct investment and does not guarantee any investment from partners.
Galaxy researcher: The probability of Dencun being deployed on the Ethereum mainnet at the end of March is 60%
According to Christine Kim, a researcher at Galaxy, it is estimated that there is a 60% possibility of Dencun being deployed on the Ethereum mainnet by the end of March, given the enthusiasm of Ethereum core developers for its release after the Goerli fork this week. The possibility of the Ethereum mainnet upgrading earlier in late February is not high, at around 30%. In addition, if developers discover unexpected and serious errors during the Dencun upgrade in Sepolia or Holesky, it may still be postponed until April or later.
In 2016, the whale address that built a large-scale ETH position transferred 8,600 ETH to Coinbase.
According to the blockchain data analyst @ai_9684xtpa, a whale/institutional address that massively built up ETH in 2016 transferred 8,600 ETH (about $21.36 million) to Coinbase 20 minutes ago. If all were sold, it would earn a profit of $21.25 million. It is reported that the address transferred 172,707 ETH from Poloniex seven years ago (July-August 2016), with an average cost of $12.83. Before the transfer, it still held 47,017 tokens, with a total profit of $116 million. Since 2024, the address has accumulated 13,200 ETH worth $31.47 million by depositing to Coinbase.
$370 million in funds moved from Ethereum to other blockchains in the past month, with nearly 90% going to Sui and Solana
According to data from the Wormhole protocol, a total of $370 million in liquidity has been transferred from Ethereum to other blockchains in the past month, with nearly 90% going to Sui and Solana. Dan Reecer, the head of operations for Wormhole, believes that the outflow of funds may be driven by memecoins and airdrop speculation. Multiple Solana DeFi protocols, including Kamino, MarginFi, Parcl, and Solend, have announced their own reward systems. In addition, the incentive program within Sui's ecosystem has "driven a lot of DeFi activity," which may also explain some of the outflow of funds.
ETH breaks $2,500
OKX-ETH/USDT is currently trading at $2499.47, with a 24-hour decrease of 0.74%.
A certain whale transferred 33,602 ETH to Binance through 3 multi-signature addresses half an hour ago
According to on-chain analyst Yu Jin, on January 19th, a whale/institution transferred 33,602 ETH ($83.09 million) to Binance through 3 multi-signature addresses half an hour ago. These ETH were recently redeemed from ETH PoS staking. In addition, these 3 multi-signature addresses still hold 111,733 ETH ($276 million) in the ETH PoS staking contract.
Ethereum network gas fee drops to 21 gwei
According to Etherscan data, the current gas fee on the Ethereum network has dropped to 21 gwei.
What do I think about network states?
On July 4, Balaji Srinivasan released the first version of his long-awaited new book describing his vision for "network states": communities organized around a particular vision of how to run their own society that start off as online clubs, but then build up more and more of a presence over time and eventually become large enough to seek political autonomy or even diplomatic recognition.
Dencun Upgrade Overview
This is the first article of a series of educational posts regarding all things Dencun, EIP4844 and lower tx fees on Ethereum L2s.Here, we will discuss the Dencun Upgrade at a high level, explaining all the changes it’ll bring to Ethereum, both on its Execution Layer and its Consensus Layer.
The Ethereum Foundation Grant Provider address transfers 100 ETH to the associated address, sells it for 250,000 DAI and transfers it back to the foundation address
According to on-chain analyst @ai_9684xtpa's monitoring data, 5 minutes ago, the Ethereum Foundation Grant Provider address transferred 100 ETH to the associated address 0xd77...6c1f4, and immediately sold it for 250,000 DAI and transferred it back to the Foundation address.
