Ethereum Foundation Offloads 200 ETH Amid Investors’ Bearish Sentiment
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
The Ethereum Foundation has triggered renewed anxiety among investors by offloading 200 ETH on September 23.
Analysis of on-chain data shows the sale was executed through two separate transactions of 100 ETH each, catching the attention of market observers.
Just three days after selling 300 ETH for $763K DAI, the Ethereum Foundation has offloaded another 200 ETH for around $528K. Etherscan data shows the sale was made for 527,989 DAI, highlighting a trend of liquidation within the organization.
The #Ethereum Foundation sold 100 $ETH($264K) again in less than 3 days!#Ethereum Foundation has sold a total of 3,566 $ETH($9.94M) this year.https://t.co/xHfVttUPKg pic.twitter.com/TvRrGR0p4F
Additionally, reports from Spot on Chain reveal that the Ethereum Foundation has been rapidly liquidating its ETH holdings throughout September, having sold 1,150 ETH for approximately $2.8 million. This brings the total sales for 2024 to an impressive $10 million, with 3,566 ETH already offloaded this year.
The Ethereum Foundation currently holds a portfolio valued at $726.7 million, with $724.38 million in ETH.
At press time, Ether trades at $2,664, a rise of 4.07% in the last 24 hours and 17.09% over the week, which is surprising given concerns that the Ethereum Foundation’s large selloffs could lead to more negative trends in the crypto market.
Some analysts suggest that the Foundation might sell ETH to reduce market volatility, converting the funds into DAI, a stablecoin pegged to the US dollar, to maintain a stable value despite market fluctuations.
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