It has been reported that the Ethereum Foundation has executed a transaction selling an additional 700 ETH. The sale, amounting to 1.68 million DAI, was conducted at an average rate of $2,406 per ETH. The transaction was processed through two distinct addresses, namely 0xbc9 and 0xd77, within the past 40 minutes.
According to the blockchain analytics company, Spot on Chain, the Ethereum Foundation has recently unloaded around 700 ETH. This transaction, made for 1.68 million DAI (a stablecoin tied to the US dollar), was executed at an approximate rate of $2,406 per ETH.
The sale was conducted via two separate wallet addresses, 0xbc9 and 0xd77, in an impressively brief period of 40 minutes. This move is part of a broader pattern observed over the past week, during which the Ethereum Foundation has sold a total of 800 ETH for $1.94 million DAI at an average price of $2,422.
What the Ethereum Foundation Plans to Do with the Funds
Following the sale, the funds were then transferred to the Ethereum Foundation for disbursing funding. This sale stands out in a fluctuating market with heightened selling pressure on Ethereum. In this context, Spot On Chain also drew attention to the actions of crypto whales, particularly one who took advantage of the recent dip in Ethereum’s value.
This anonymous investor, identified by their wallet address 0x55c, withdrew 7,779 ETH, worth roughly $18.9 million, from the cryptocurrency exchange Binance. The activities of this whale, including a previous deposit of 90 million USDT to Binance, raise questions about their investment strategy towards ETH.
Additionally, a total of 13,198 Ether (ETH), equivalent to $32.08 million, was transferred to Coinbase from an unidentified wallet. This transaction is one of three recent transfers, which collectively have resulted in the movement of ETH valued at $122.15 million in five hours.
Notably, approximately 15 hours before these transactions, a substantial amount of ETH, worth $151.02 million, was relocated to Bitfinex. This sequence of events signifies significant activity in the ETH market.
Ali Martinez, who serves as an on-chain analyst offered an analysis of Ethereum’s present market status. According to Martinez, Ethereum (ETH) is presently situated in a crucial demand zone spanning $2,388 to $2,460. Should this support level remain intact, Ethereum could encounter limited resistance moving forward, which could potentially trigger a rise in its price.
