The Ethereum Foundation has caused concern among investors with its recent sale of 200 ETH on Monday. On-chain data reveals that this sale was made through two transactions, attracting attention from market observers during a period of downward market movements.
The Ethereum Foundation’s sale of 200 ETH for 527,989 DAI on September 23 has raised eyebrows. This significant sale is part of a larger trend, with a total of 1,150 ETH (worth $2.8 million) sold in September. It is worth noting that the organization has been consistently selling ETH in recent days, with reports indicating a sale just three days prior. The wallet address associated with the organization begins with ‘0xd77…’, and these sales within the volatile Ethereum market have sparked concerns among global investors.
Despite these sales, ETH is currently showing positive trading performance, challenging the overall downward trend. As of now, ETH is priced at $2,635, reflecting a 2% increase over the past 24 hours. The daily lows and highs were recorded at $2,528 and $2,685, respectively. Interestingly, Coinglass data reveals that ETH’s open interest in futures has increased by 0.69%, reaching $12.09 billion. Additionally, the volume of derivative transactions has surged by 77.12%, reaching $28.37 billion, leading to mixed sentiments about the future movements of this asset.
The ongoing ETH sales by the Ethereum Foundation, coupled with the bearish outlook from institutional investors, have introduced uncertainty regarding ETH’s future in the cryptocurrency market. The increasing selling pressure and growing exchange supply may exert downward pressure on prices. However, considering Ethereum’s long-term potential and its leadership in sectors such as smart contracts, DeFi, and NFTs, it is possible that these price fluctuations will be short-lived. Investors are advised to closely monitor market dynamics and fundamental factors.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.