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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.