Ethereum Foundation Continuously Selling ETH

Recently, the Ethereum Foundation took action to sell 700 ETH, leading to an immediate adjustment in the value of this cryptocurrency.

Ethereum Foundation Continuously Selling Eth_65b976dc876c1.webp

Ethereum Foundation Continuously Selling ETH

Announcement of the discovery of Ethereum Foundation selling ETH

On-chain data from Arkham Intelligence reveals that the wallet address “0xd779332c5A52566Dada11A075a735b18DAa6c1f4” has been tagged with the Ethereum Foundation, the organization behind the cryptocurrency Ethereum (ETH). This wallet recently executed a transaction, exchanging 700 ETH on the CoWSwap DEX platform between 8:54-9:05 (UTC) and receiving 1,684,445 DAI stablecoins at a price of $2,406 USD.

gm

The Ethereum Foundation just sold $1.6M of ETH again.

devs, please do something.https://t.co/lmwp4RdrSN pic.twitter.com/oa4SKytuP0

— Arkham (@ArkhamIntel) January 22, 2024

Subsequently, the 1,684,445 DAI stablecoins were transferred to the wallet address “0x9eE457023bB3De16D51A003a247BaEaD7fce313D” belonging to the Ethereum Foundation to undergo the funding disbursement process.

Notably, this marks the second instance of such action by the Ethereum Foundation in January 2024. Just six days prior, the foundation executed a similar transaction, selling 800 ETH at an average price of $2,422 USD, acquiring 1.937 million DAI.

The #Ethereum Foundation appears to have sold another 700 $ETH for 1.684M $DAI at ~$2,406 via two addresses 0xbc9 and 0xd77 in the past 40 minutes.

Overall, in the past 6 days, Ethereum Foundation has sold 800 $ETH for $1.937M $DAI at $2,422 on average.

For updates on the… https://t.co/8sTk6ZeUxy pic.twitter.com/mDhOBJYZCS

— Spot On Chain (@spotonchain) January 22, 2024

Examining transaction history, Ethereum Foundation’s actions with ETH have consistently had a “negative” impact, causing a significant drop in the value of the cryptocurrency immediately afterward.

  • In October 2023, the Ethereum Foundation exchanged 1,700 ETH on the Uniswap DEX platform, receiving 2.76 million USDC stablecoins, leading to a decrease in the ETH price to $1,586, falling below the previous range of $1,600-$1,700 USD.

  • In May 2023, the foundation transferred a total of 15,000 ETH (equivalent to $30 million at that time) to the Kraken exchange.

  • The most recent significant sell-off occurred in November 2021, where the price of ETH dropped from its peak of $4,800 USD to around $4,300 USD as the Ethereum Foundation moved 20,000 ETH to the Kraken exchange. It appears that Ethereum developers accurately timed the market by choosing the peak of the ETH price during the previous bull run to sell.

  • Ethereum co-founder Vitalik Buterin, on December 20, 2023, transferred 500 ETH to the Coinbase Prime exchange. Earlier, on October 7 of the same year, Buterin was discovered to have sold 1,000 ETH (worth $1.64 million USD) on the Bitstamp exchange. Buterin has consistently engaged in ETH selling transactions in August and September of the past year.

Another noteworthy development affecting the ETH price is the bankruptcy of the cryptocurrency lending company Celsius, anticipated to “dump” a large amount of ETH and various altcoins in the near future, alongside announcing the cessation of Ethereum staking to prepare for asset liquidation and debt repayment to customers.

On-chain data indicates that Celsius still holds over 539,000 ETH (approximately $1.4 billion USD), nearly 9,800 BTC (worth $419.2 million USD), and various altcoins like MATIC. In the early weeks of January 2024, Celsius transferred $125 million USD worth of ETH to Coinbase and FalconX exchanges.

Related: Ethereum Whales Sell $136M ETH on Binance, Coinbase

Chart of ETH After Ethereum Foundation Sells ETH

The news partly affected the negative sentiment within the Ethereum community as concerns grew about the security of their investment portfolios. The price of ETH also immediately adjusted downwards by more than 6%, dropping to $2,326 USD from the initial trading level around the Ethereum Foundation’s sell-off zone at $2,406 USD.

ethereum foundation continuously selling eth 65b976dc8a398

4-hour chart of the ETH/USDT pair on the Tradingview at 01:42 AM on January 23, 2024.

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