Ethereum Foundation, a prominent non-profit organization, has made headlines with the significant sales of its native token, ETH. The non-profit sold 300 Ethereum, valued at $760,000, earlier today at an average price of $2,543.
This sale came after the foundation briefly paused its selling activity. The sale occurred when Ethereum’s price experienced volatility, hitting a low of $2,440 but then going up by 5% from that low point.
Ethereum Foundation’s Strategic Sales Spark Market Buzz
Due to its notable selling patterns, the Ethereum Foundation has become a focal point for market watchers and participants. An analytics account on X, Spot On Chain, revealed that the foundation had initially dumped a substantial lump of 100 Ethereum following the 300 Ethereum sale.
Meanwhile, in May 2024, the foundation sold 1,000 Ethereum for over $3 million, bringing its year-to-date sales total to 1,766 Ethereum. At that time, the digital asset value was more than $4.8 million.
The on-chain insight platform noted that the foundation has been selling the underlying digital asset since September, totaling 950 Ethereum sales. These transactions brought in over $2.2 million, with each Ethereum being sold at an average price of $2,392. The foundation follows a steady pattern of selling every 4 to 7 days. This trend has attracted significant attention as traders closely monitor the foundation’s decisions.
Ethereum’s Market Moves Reflect Market Dynamics
The latest sale of 300 Ethereum follows a surge in Ethereum’s price, which recently climbed from below $2,200 earlier in the month. Despite this increase, Ethereum is still quite far from its peak of $4,000, which it reached in March. According to CoinMarketCap data, the digital asset is currently trading at $2,524.91, up by 4.15% in the last 24 hours.
This significant price spike in Ethereum has been closely tied to a broader market rally, which also caused Bitcoin’s market price to surge. Recently, the Federal Reserve revealed its decision to cut interest rates by 0.5%. This move by the Fed has boosted confidence across the cryptocurrency market, reflecting on the rapid price increases seen by the two leading cryptocurrencies.
Massive Offloads Raise ETF Concerns
The crypto community has expressed concerns about the Ethereum Foundation’s recent massive offloads of Ethereum. Many believe that these large sales could negatively impact the market value of Ethereum Exchange-Traded Funds (ETFs) in the short term.
Market participants fear that sustained offloading could undermine confidence in both Ethereum and related investment products. This concern supports VanEck’s recent decision to halt its Ethereum ETF.
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