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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 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.

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.

$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.

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.