The Ethereum Foundation has sparked significant activity in the cryptocurrency arena by proceeding with further ETH sales on Tuesday. Recent reports indicate the Foundation offloaded 100 ETH for a total of 300,000 DAI, raising alarms about the possibility of intensified selling pressure within the market.
What Did the Latest Ethereum Sale Reveal?
Data from Spot on Chain reported that on December 10, the Ethereum Foundation sold 100 ETH for 374,334 DAI. Cumulatively, this means the Foundation has liquidated a total of 4,366 ETH in 2024, worth approximately 12.21 million dollars, with an average selling price of 2,796 dollars.
How Has This Affected ETH Prices?
Following these sales, ETH experienced a decline of about 3%, trading at 3,752 dollars at the time of the report. The lowest and highest points for the cryptocurrency within 24 hours were recorded at 3,525.23 and 3,944.76 dollars, respectively, indicating that the Foundation’s sales are contributing to increased selling pressure in the market.
The Foundation’s substantial ETH reserves raise questions about potential future sales, occurring even when market conditions appear optimistic. Reports suggest that the Foundation’s treasury holds assets valued at 970.2 million dollars, notably including a significant amount in Ethereum.
- Foundation’s ongoing sales could destabilize market confidence.
- High-volume sales risk upsetting the supply-demand balance.
- Market participants are adjusting strategies based on the Foundation’s actions.
The recent actions of the Ethereum Foundation are under intense scrutiny as market participants assess their impact on Ethereum’s price volatility and overall market dynamics.