thecryptobasic.com
The Ethereum Foundation has continued to gradually offload its ETH holdings throughout September, raising questions about its strategic moves as the market reacts.
According to on-chain data, the Foundation sold 300 ETH today, valued at approximately $763,000, with an average price of $2,543 per ETH. Remarkably, the 300 ETH tokens were sold in exchange for DAI stablecoin.
This sale is part of a broader pattern of regular ETH liquidations by the Foundation in recent times.
Historical ETH Sales by Ethereum Foundation
Just last Monday, the Foundation liquidated $226,868 in ETH tokens for DAI stablecoins. On September 9, it exchanged a more substantial $1.029 million in Ethereum for stablecoins.
In total, the Ethereum Foundation has sold 950 ETH since the start of September, amounting to $2.27 million. Market watchers have observed that these sales occur every four to seven days.
Meanwhile, the figure becomes even more substantial when observing the Foundation’s activities since this year. On-chain analyst Lookonchain highlighted that since January 1, the Ethereum Foundation has offloaded 3,466 ETH tokens worth approximately $9.67 million. These sales are estimated to be on an average of liquidating $421,000 in ETH every 11 days.
According to data from Arkham Intelligence, one of the publicly known wallets of the Ethereum Foundation still holds 271,652 ETH tokens worth $683.83 million.
Selling Ethereum Amid Price Pump
Interestingly, the latest sale comes at a time when sentiment around Ethereum has turned significantly bullish after heightened pessimism in the past weeks amid its underperformance during those periods.
Today, Ethereum has reclaimed the $2,500 region after pumping by over 5%. The altcoin king has rallied up to $2,572 at press time, closing in on the $2,600 threshold, a level last seen four weeks ago.
Vitalik Buterin Also Dumping ETH Continuously
Notably, the Foundation is not the only prominent entity from the Ethereum community that has continuously liquidated ETH tokens in recent times, particularly during uptrends.
Ethereum founder Vitalik Buterin has been caught in this trend as well. Just yesterday, Buterin’s wallet offloaded over $3.1 million in ETH tokens as the asset’s price reclaimed $2,400.
Meanwhile, Buterin has offered solace that his continuous ETH sales are related to some charity offerings.