Ethereum Foundation Liquidation
In recent developments, the Ethereum Foundation has reportedly sold 100 ETH, equivalent to $262,474. This transaction was conducted at 9:41 AM (UTC), where ETH was exchanged for DAI stablecoin at an average price of $2,624 per token. This sale is part of a broader trend, as the Foundation intensified its liquidation efforts throughout September, selling a total of 3,766 ETH, valued at $10.46 million.
For example, just a week ago, the Foundation exchanged 100 ETH for $264,000 DAI at an average price of $2,640 per ETH. This activity is part of a consistent strategy seen over the past month.
Vitalik Buterin's Transactions
In conjunction with the Foundation's actions, Ethereum's co-founder, Vitalik Buterin, disposed of 649 ETH, valued at $1.72 million. The transaction was completed on the morning of September 29, with the assets being sent to Paxos. The address, known as "0x5567," initially received 1,300 ETH ($3.35 million) from Buterin’s funded address in 2022. Over time, these were gradually sold, averaging a price of $2,581 per ETH.
Despite stating that these sales serve charitable purposes, Buterin faces criticism for the ongoing liquidation of Ethereum. His recent activities include selling 950 ETH ($2.28 million) and channeling the proceeds into the Aave Protocol.
Market Impact and Ethereum's Performance
The continuous sales coincide with a broader market correction, where Ethereum’s price has decreased over 1% in the past day, stabilizing at $2,613. This is a 3.5% drop from last week’s high of $2,718. While the market downturn is part of a larger consolidation phase, the actions by major Ethereum holders like Buterin and the Foundation could have contributed to the selling pressure.
Despite this, optimism persists among bulls about Ethereum’s potential. Julien Bittel, head of macro research at Global Macro Investor, predicts a significant surge in ETH’s price, potentially reaching $20,000 by January 2025.
Disclaimer: This content is informational and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions.
