In the recent days, there has been notable activity involving wallets associated with the Ethereum Foundation, focusing on the sale and transfer of a significant amount of Ethereum (ETH). Notably, two prominent wallets linked to the Ethereum Foundation have sold 200 ETH, acquiring around 744,722 DAI, which equates to roughly $3,724 per ETH. This sale is part of a broader trend that has been observed since the start of 2024, with these wallets collectively selling a total of 2,166 ETH for an impressive 6.21 million DAI.
Over the past week, three wallets connected to the #EthereumFoundation have been actively offloading ETH:
1️⃣ Two main wallets of the Ethereum Foundation sold 200 ETH for 744,722 DAI at an average of $3,724.
• Since the beginning of 2024, they have sold 2,166 ETH for 6.21 million DAI, often anticipating price drops.
2️⃣…
pic.twitter.com/g3iIYM53V4
— Spot On Chain (@spotonchain)
June 11, 2024
The timing of these sales has garnered the attention of market analysts and investors, as they frequently precede significant declines in ETH prices. This pattern indicates a calculated approach to liquidation based on market forecasts and internal knowledge, potentially influencing market sentiment and investor decisions.
Adding to the market frenzy, another wallet, known as 0xdb3, with connections to both the Ethereum Foundation and an early participant in Ethereum’s ICO, moved a substantial 15,255 ETH (worth approximately $55.6 million) to the Kraken exchange just three days ago. The price per ETH during this transfer was approximately $3,648.
These transactions carry significant implications for Ethereum’s market dynamics. The substantial selling from wallets associated with the foundation, particularly in conjunction with early participants like ICO contributors, raises questions about the potential insights these early movers may possess regarding the cryptocurrency’s short-term movements.
Tags: ETH
