Ethereum Foundation’s Huge ETH Sale Shocks Community

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As a seasoned crypto investor with a decade-long journey through this wild digital frontier, I can’t help but feel a sense of deja vu when I see the Ethereum Foundation selling off their ETH stash. It seems history is repeating itself, and not in a way that brings comfort or reassurance.

According to the on-chain data monitoring service Lookonchain, there’s been an enigmatic transaction from the Ethereum Foundation, a charitable organization supporting the Ethereum (ETH) network. Lookonchain posted on Twitter that the foundation recently offloaded 100 ETH

These coins are estimated to be sold for 241,000 DAI, a popular stablecoin token on the Ethereum blockchain. As expected, this move from the foundation has shocked the ETH community. It has injected negative sentiment among holders, as uncertainty is prevailing on the market.

It’s important to note that the recent sell-off in Ethereum isn’t the first one linked to the Ethereum Foundation. As reported by Lookonchain, the foundation has offloaded approximately 2,616 ETH since January 1st. These transactions were conducted for a total of about 7.64 million DAI at an average price of $2,922 each, and they were directed to a decentralized exchange (DEX)

The community is expressing doubts about the frequent sales from the foundation and voicing criticisms towards Vitalik Buterin. For example, a user posted on Twitter, “I thought Ethereum said these were annual sales, but they’re selling again.” Another commented, “If you knew ETH was going to drop below $2000 soon, wouldn’t you sell now?”

Ethereum price remains under pressure

It’s clear that Ethereum (ETH) holders and advocates are not in favor of the continuous selling of ETH by the foundation, as it exacerbates the existing downward pressure in the market. Such sell-offs contribute to the turmoil in the crypto market, making this a significant point of contention. The long-term effects of this situation remain uncertain and can only be fully understood with the passage of time

Currently, the price of ETH is experiencing a bearish trend and has been moving horizontally for some time now. At present, it’s trading at $2,394.10, marking a 0.19% decrease over the last 24 hours. Interestingly, the trading volume of Ethereum has dropped by 15.55%, reaching approximately $13.7 billion during this period. Given the present circumstances, it seems unlikely that a bullish reversal will occur anytime soon

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2024-09-05 18:20