Ethereum Foundation’s 200 ETH sale sparks concerns amid ongoing market volatility.
September ETH sales total 1,150 ETH, raising $2.8M and fueling bearish market sentiment.
Despite overall favorable economic conditions, Ethereum sees $28.5M outflows in a week.
The Ethereum Foundation has raised fresh concerns among investors after it sold 200 ETH on Monday through two different transactions. According to Arkham Intelligence, the sale was made on September 23, with the Ethereum Foundation selling 200 ETH for 527,989 DAI.
Consistent ETH Sales in September
This sale is the latest in a series of transactions made in the past month. The Ethereum Foundation sold 1,150 ETH in September, which is equivalent to $2.8 million. The frequency of these selloffs has been a cause of concern among market watchers especially with Ethereum being under bear pressure. The wallet address linked to the foundation, ‘0xd77,’ has been selling ETH for the past few weeks. The last transaction was made only a few days ago.
This is in line with data from CoinShares which revealed that Ethereum has seen large outflows. In the last one week, Ethereum witnessed an outflow of $28.5 million from the market even when the overall economic conditions were looking good. The outflows for the month have now touched $145.7 million, which indicates that institutional investors are losing confidence in the asset.
As of press time, ETH is trading at $2,650, which is 2.53% higher than the price a day ago. The cryptocurrency traded between $2,528 and $2,685 during the day, indicating some stability amid the ongoing liquidations.
Futures and Derivatives Growth
However, Coinglass reported that Ethereum’s futures open interest rose by 0.69% to $12.09 billion. Also, the derivatives market volume increased by 77.12% to $28.37 billion, which indicates that traders are both optimistic and cautious.
Ethereum has shown some resilience, with recent price increases and rising activity in the derivatives market. Market participants are closely watching how these developments would shape Ethereum’s performance in the coming weeks as uncertainty continues to loom over its future trajectory.
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