According to the on-chain data tracking tool Lookonchain, the Ethereum Foundation offloaded 100 ETH. The Ethereum (ETH) community is now handling this unexpected sale after negotiating a turbulent market already.
Lookonchain tweeted that the foundation sold tokens for 241,000 DAI, a stablecoin on the Ethereum network. Those who own ETH are concerned about this sudden behavior because they believe it may exacerbate the market’s already fragile attitude.
Ethereum Foundation Sells ETH
Negative demand has been driving ETH’s dropping price; therefore, such acts merely increase the uncertainty. Many people in society find it perplexing that the foundation is selling so regularly, particularly during such a turbulent time.
It’s interesting to note that the Ethereum Foundation has also successfully sold ETH in 2024. According to Lookonchain’s data, the foundation sold 2,616 ETH this year for an average sale price of $2,922, generating 7.64 million DAI.
Made via distributed exchanges (DEX), these transactions have stoked increasing debate in the crypto space. People in the community have turned to social media to vent their dissatisfaction. “I thought the previous sale was supposed to cover the whole year, but they keep selling,” one person tweeted. “Wouldn’t you sell now if you knew ETH would fall below $2,000?” another said.
ETH trading at $2,394.10—down 0.19% in the past 24 hours—is making market analysts more gloomy. Currently at $13.7 billion, the transaction volume has also dropped by 15.55%.
Without any clear indication of a positive reversal, the Ethereum market may continue to be under negative pressure; so, the sell-off of the foundation is likely to be a main topic of debate.
