As a seasoned researcher with years of experience tracking the cryptocurrency market, I can’t help but feel a pang of familiarity when I see the Ethereum Foundation selling 200 ETH amidst the current bearish market. It seems like deja vu, doesn’t it?
The Ethereum Foundation’s sale of 200 ETH on Monday has sparked worry worldwide among investors. Data from the blockchain shows that this selling occurred through two separate transactions, which has raised suspicions among market observers given the current bearish trend in the crypto industry. Statistics indicate that withdrawals of Ethereum are increasing significantly despite recent economic events causing a rise in risky assets. The future of the second-largest cryptocurrency by market cap is now a topic of speculation among traders and investors alike.
Ethereum Foundation Dumps 200 ETH Raising Bearish Market Concerns
As a researcher, I’ve just analyzed some data from Etherscan and found an interesting trend. Today, the Ethereum Foundation sold approximately 200 Ether (ETH) for around 527,989 DAI. This significant sale bumps up the total ETH sold in September to about 1,150 ETH, which translates to a whopping $2.8 million at current exchange rates.
Over the past few days, I’ve observed that our organization has been consistently offloading ETH. According to the latest data, the most recent sale was made three days ago, with the associated wallet address being ‘0xd77.’ This action, coupled with Ethereum’s volatile market conditions, has ignited global investor apprehension.
According to CoinShares’ data, Ethereum experienced outflows of approximately $28.5 million in the past week, even after the Fed’s 50bp rate cut. Moreover, this week-to-date, outflows have reached $145.7 million, suggesting a growing unease among investors regarding the asset. In contrast, Bitcoin saw inflows of $284 million over the same period and $76 million in the past month, indicating that institutions continue to be bullish on the Bitcoin market despite favorable macroeconomic conditions for risk assets.
ETH Price Performance Today
Despite a recent market selloff, the coin has unexpectedly bucked the bearish trend today, trading in the positive. At this moment, Ethereum (ETH) is valued at $2,635, marking a 2% increase over the past 24 hours. Its lowest and highest prices within this timeframe were $2,528.52 and $2,685.68 respectively.
Today, there was a noticeable increase of about 0.69% in Ethereum’s futures Open Interest (OI), taking it up to approximately $12.09 billion. Additionally, the derivatives volume experienced a significant rise of 77.12%, reaching $28.37 billion. This surge has led to mixed opinions among investors regarding the potential future direction of the asset.
Despite a recent analysis by CoinGape Media showing that Ethereum (ETH) is having difficulty surging significantly due to an increase in supply on exchanges, coupled with the Ethereum Foundation’s ongoing selling, it appears that ETH may encounter strong resistance at approximately $2,800. As crypto investors ponder ETH’s potential price movements following recent market developments, they should be prepared for potential selling pressure at this level and possible challenges ahead.
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2024-09-23 14:29