Ethereum Foundation Stuns Community with Big New ETH Sale

by

As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to navigate through the volatile waters of the digital asset market with a grain of salt and a keen eye for trends. The latest news about the Ethereum Foundation selling another chunk of ETH has raised some eyebrows in the community, but it doesn’t necessarily spell doom for the second largest cryptocurrency.

Based on data from the analytics account for the X social media platform @spotonchain, it appears that the Ethereum Foundation is consistently unloading significant amounts of Ethereum.

Ethereum Foundation dumps more ETH

Approximately one hour past, the entity disposed of an additional 300 ETH tokens, receiving around 763,092 DAI stablecoins in return. In traditional currency terms, this transaction amounts to approximately $707,328.

1 hour ago, the Ethereum Foundation exchanged 100 Ether (ETH) for approximately 226,868 DAI. This is part of a weekly pattern where they’ve been selling small amounts of ETH over the past three weeks, accumulating to 650 ETH ($1.51M) at an average price of around $2,323 per Ether. Keep up with @spotonchain for further updates on this matter.— Spot On Chain (@spotonchain) September 16, 2024

I’ve noticed that this isn’t my first sale this month from the foundation. According to the X account’s reports, they offloaded 100 ETH on September 9, receiving approximately 226,868 DAI in return, which equates to around $235,776.

Over the last three weeks, this entity has sold a grand total of 650 ETH, with an average transaction price ranging from approximately $2,323, resulting in a total value of around $1.51 million.

Ethereum market performance

Currently, Ethereum, the second-largest cryptocurrency, has experienced a significant price rise, gaining approximately 4.71% and moving from $2,450 to $2,565. However, a slight dip has been noticed recently as ETH has dropped by less than 1%, currently trading at around $2,546.

In the last day, Ethereum has experienced a growth of 5.72%. Starting from this past Wednesday, Ethereum has surged by approximately 11%, jumping from $2,293 to its current trading price.

The significant increase in Ethereum prices can be attributed to Bitcoin surging approximately 7% since midweek, which was boosted by the Federal Reserve Chairman Jerome Powell’s announcement during the FOMC meeting that the bank would adopt a more accommodating stance and decrease the annual interest rate by 0.5%. This is the first rate reduction in four years.

According to U.Today, on Thursday, Ethereum co-creator Vitalik Buterin also carried out a significant transaction by moving 1,300 ETH, which is equivalent to approximately $3.17 million, to an exchange as the price surged dramatically.

Mike Novogratz’s crypto bank buys ETH

A different on-chain data analyst, known as @OnchainDataNerd, has shared that while Ethereum’s price has significantly risen over the past 24 hours and both Vitalik and the Ethereum Foundation have sold ETH, a significant entity has been observed taking the opposite action.

In simple terms, Mike Novogratz’s investment firm, Galaxy Digital, obtained 3,500 units of Ethereum (ETH) from the Binance trading platform at an estimated cost of around $8.91 million.

4 hours ago, Galaxy Digital withdrew approximately 3,500 ETH, equivalent to around 8.91 million dollars, from Binance.At this moment, they are holding roughly 65,368 ETH, which is worth about 166.68 million dollars.Their Ethereum address is: [ETH Address]— The Data Nerd (@OnchainDataNerd) September 20, 2024

Galaxy Digital now holds a total of 65,368 ETH evaluated at $166.68 million.

Read More

2024-09-20 14:54