The Ethereum Foundation’s and Vitalik Buterin’s connected Ethereum wallets have been selling aggressively, which has resulted in ongoing pressure to sell ETH.
The price of ETH fell to $2,150 last week before partially rising again during the massive sell-off.
With analysts casting doubt on Ethereum’s ability to perform well in the future and the cryptocurrency struggling to see any income gain, investor sentiment surrounding the price of Ethereum has gone bearish.
Data Indicates Significant ETH Sales By The Ethereum Foundation And Addresses Associated With Vitalik Buterin
Over the past few hours, the Ethereum Foundation wallet has moved a significant amount of ETH, according to the most recent Arkham Intelligence data. Since the launch of the spot Ethereum ETFs, the Foundation has been selling ether nonstop.
Similarly, wallets connected to Vitalik Buterin, the co-founder of Ethereum, have also been selling heavily. Spot On Chain data shows a significant liquidation of assets by a multi-sig wallet that got substantial Ethereum transfers from Buterin.
The wallet has been gradually selling its holdings since receiving 3,800 ETH—roughly $9.99 million—from Buterin in two transactions on August 9 and August 30. Buterin refuted the dumping accusations last week despite his declining Ethereum holdings.
Thus far, 760 ETH have been sold for 1.835 million USDC, or an average price of $2,414 per ETH, by the wallet that received Buterin’s ETH.
Just twenty-one hours have passed since the most recent sale, which kept up the trend of selling off a sizable chunk of the ETH holdings. Together with the Ethereum Foundation sell-off, this could be advantageous for ETH bears.
On the flip side, by transferring their Ether to Tornado Cash, cryptocurrency hackers are also pushing up the price of ETH.
Despite ETH Price Decline, Ethereum Whale Sales On The Upswing
An Ethereum whale sold about 28,554 ETH worth $64.4 million after the price of ETH crashed on September 7 in order to pay off outstanding Aave platform debts. Between December 18, 2023, and July 31, 2024, this whale amassed about 30,500 Ether.
The average price of this acquisition was $2,850. The liquidation process cost the whale a substantial loss exceeding $17 million.
Well-known cryptocurrency expert Ali Martinez claimed that Ethereum whales have been releasing ETH since July, when they ceased to accumulate more of the crypto.
Not only have Vitalik Buterin and the Ethereum Foundation continued to dump their ETH in recent times, but so have other major actors.
Sixty minutes ago, Metalpha made a huge deposit to Binance by transferring 10,000 ETH valued at $23 million. Metalpha has deposited 23,589 ETH in total, or roughly $54.1 million, to the exchange in the last three days.
Should the ETH selling pressure persist, it may fall below $2,000 before resuming a robust climb. The current market cap and price of Ethereum are $275 billion and $2,291, respectively.
Buterin frequently gives out ETH to various groups or organizations. For example, in mid-August, he doled out 200 Ethereum valued at approximately USD 532,000 to an animal welfare charity, the Effective Altruism Funds.
