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The Ethereum Foundation has continued its trend of gradually selling off Ethereum (ETH) holdings, with its most recent sale of 300 ETH, worth around $763,000, raising eyebrows in the crypto community. The latest transaction occurred as Ethereum’s price spiked to $2,550, marking a significant market reaction after weeks of underperformance.
According to on-chain data, the Ethereum Foundation traded its 300 ETH tokens for DAI stablecoin at an average price of $2,543 per ETH. This move follows a string of sales throughout September, contributing to a total of 950 ETH sold by the Foundation, valued at $2.27 million.
Recent ETH Sales: A Strategic Pattern?
The Foundation’s sales are part of a broader trend. On September 9, it sold over $1 million in ETH, and just last Monday, it liquidated $226,868 in ETH tokens for DAI stablecoins. In total, the Foundation has offloaded 3,466 ETH since the beginning of 2024, worth
nearly $9.67 million.
Despite the consistent sales, the Ethereum Foundation still holds approximately 271,652 ETH, valued at $683.83 million. However, these liquidations occur amid a bullish sentiment, as Ethereum has surged over 5% in the past 24 hours, closing in on the $2,600
mark for the first time in weeks.
Vitalik Buterin Also Selling ETH
Notably, Ethereum founder Vitalik Buterin has also been selling significant amounts of ETH during this uptrend. Just yesterday, Buterin’s wallet sold $3.1 million in ETH as the asset’s price climbed past $2,400. Buterin has stated that these sales are linked to charitable donations, offering some explanation for his ongoing transactions.
