Ethereum Team Sells Before Highly Anticipated Opening

An address belonging to the Ethereum Foundation team sold more than 300 thousand dollars worth of coins today morning.

According to information provided by Blockchain analysis platform Spot On Chain, Ethereum Foundation sold 100 Ethereum in exchange for 345 thousand 179 DAI.

The timing of this transaction is interesting. Because, thanks to the approval of the US Securities and Exchange Commission (SEC), spot Ethereum ETFs are expected to enter the market within a few hours.

Spot exchange-traded funds (ETFs) were one of the main reasons for the rise in Bitcoin price this year. According to some analysts, the Ethereum price may reach $6,500 thanks to these investment instruments.

The Ethereum Foundation has sold 2,366 Ethereum for a total of 6.9 million DAI since the beginning of this year. Their per unit value averaged $2,916. Ethereum Foundation held its previous sale on July 2.

Similarly, the Ethereum Foundation, or a wallet associated with the Ethereum ICO, transferred 3,200 Ethereum worth $11.2 million to the Kraken exchange the other day.

Ethereum, the largest cryptocurrency after Bitcoin, held its ICO 10 years ago, on July 22, 2014. According to De University of Ethereum manager Cy Li, Ethereum founders Joe Lubin and Vitalik Buterin will celebrate the anniversary of the project at the EDCON 2024 event in Tokyo.