This week saw a flurry of activity involving wallets connected to the Ethereum Foundation, with significant sales and transfers of Ethereum (ETH). Notably, two prominent wallets associated with the Ethereum Foundation sold 200 ETH, acquiring about 744,722 DAI, equivalent to a rate of $3,724 per ETH. This sale is part of a larger trend that has been observed since the beginning of 2024, with these wallets collectively offloading a total of 2,166 ETH for an impressive 6.21 million DAI.
In the recent week, three wallets linked to the #EthereumFoundation have been actively selling ETH.
1️⃣ Two main wallets of the Ethereum Foundation sold 200 ETH for 744,722 DAI at an average of $3,724.
• Since the start 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 raised eyebrows among market analysts and investors, as they tend to precede significant drops in ETH prices. This pattern suggests a strategic approach to liquidation based on market predictions and internal insights, which could impact overall market sentiment and investor decisions.
Adding to the market buzz, another wallet known as 0xdb3, with ties to both the Ethereum Foundation and an early ICO participant of Ethereum, recently transferred a whopping 15,255 ETH (worth around $55.6 million) to the Kraken exchange just three days ago. The price per ETH at the time of transfer was approximately $3,648.
These transactions carry weighty implications for Ethereum’s market dynamics. The large-scale selling from wallets associated with the foundation, particularly in conjunction with early participants like ICO contributors, raises questions about the potential insights these pioneers may possess regarding the short-term movements of the cryptocurrency.
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