Ethereum Foundation Sells Another 200 ETH, Brings Total September Sales to 1,150 ETH
- The Ethereum Foundation sold 1,150 ETH worth approximately $2.8 million in September, continuing a pattern of frequent sales every 4-7 days.
- The Ethereum Foundation’s consistent sell-offs come amid a rising ETH market, with the cryptocurrency currently trading at $2,357.
The Ethereum Foundation has been actively selling Ether, contributing to an increased supply of the altcoin on exchanges. Recently, the Foundation sold 300 ETH for 763,092 DAI amid a market recovery for Ethereum, the second-largest cryptocurrency by market cap.
Over the past three weeks, the Foundation has offloaded 950 ETH tokens, valued at approximately $2.27 million, at an average price of $2,392 per token. The recent sales reveal a consistent pattern, with transactions occurring every 4 to 7 days.
Additionally, despite the ongoing sell-offs, Ethereum's price has seen a 7.98% increase over the last seven days, currently trading at $2,543.35, with a market capitalization of $306.08 billion.
In a latest move, the Ethereum Foundation sold an additional 200 ETH for 527,989 DAI, bringing its total sales in September to 1,150 ETH, worth around $2.8 million.
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⚡ JUST IN: Ethereum Foundation Sells another 200 ETH
— Cointelegraph (@Cointelegraph) September 23, 2024
The Ethereum Foundation just offloaded 200 ETH for 527,989 DAI in two transactions, bringing their September total to 1,150 ETH ($2.8M) sold. pic.twitter.com/u5ZSNVK6fJ
The sales come during a broader market upswing, suggesting the Foundation's strategy could be driven by portfolio rebalancing or funding needs rather than a lack of confidence in Ethereum’s long-term prospects.
However, the regular sales could also impact investor sentiment, especially as the market closely watches these moves by the Foundation.
Edited by Harshajit Sarmah
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