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A wallet associated with the Ethereum Foundation, the organization that oversees the development of the second-largest blockchain by market capitalization, shifted 160,000 Ether to an address that has previously been used for selling ETH, according to data from blockchain analytics platform Arkham Intelligence. 

According to CoinGecko, the ETH will amount to roughly $654 million at Wednesday’s prices.

“This wallet has only made significant transfers to: Kraken Deposit SharpLink Gaming [and] a multisig that sells ETH,” Arkham wrote in an X post.

Shortly after Arkham’s flagging drew public interest, the foundation’s co-Executive Director, Hsiao-Wei Wang, was quick to clarify on X that the transfer was part of a scheduled wallet migration rather than a sale.

In the past, EF-related ETH transfers have preceded sales. The sales also attracted harsh criticisms from spectators, with most viewing the moves as anti-DeFi.

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In September, the foundation sold 10,000 ETH (valued at $42.7 million at the time) through Kraken to support work towards research & development, ecosystem grants, and related donations.

The Foundation sold an additional 10,000 ETH to Ether treasury company SharpLink Gaming in July, making it the first publicly traded company to purchase ETH from a key firm in the network’s ecosystem.

Notably, Arkham’s latest data indicates all 160,000 ETH remains within wallets controlled by the Ethereum Foundation and has not been sent to centralized exchanges.

Wednesday’s transfer comes as the price of Ether has traded back and forth between $3,842 and $4,100 amid market uncertainty. ETH was changing hands around $3,836 as of publication time, down 0.5% in the past 24 hours.