The post Ethereum Foundation shakes up the market with another 200 ETH sale; What is happening? appeared on BitcoinEthereumNews.com.

Over the last three days, the Ethereum Foundation has shaken up the market by selling off 500 ETH. The organization has reportedly offloaded $10 million worth of Ethereum this year in separate events. Despite the sales, Ethereum’s price is relatively stable in the short term but concerns grow for the market reaction in the longer term. Meanwhile, the community looks to Vitalik Buterin for clarification about the sales. The Ethereum Foundation sells 200 ETH three days after selling 300 ETH Just three days after offloading 300 ETH on the market, the Ethereum Foundation has reportedly sold off another 200 ETH for around $528,000. The sell-off happened over 2 transactions of 100 ETH each, with an inflow of 264K DAI from each sale. Per Arkham‘s dashboard, the Ethereum Foundation now has a portfolio of $721.5 million, with $719.2 million in ETH. Stop jeeting bro @VitalikButerin The #Ethereum Foundation sold 200 ETH ($528K) just now. pic.twitter.com/N0bb3OzLIM — ᴠ x ɴ 🐺 (@VXN_618) September 23, 2024 According to Spot on Chain, the organization behind Ethereum offloaded its holdings at an “alarming” rate in September. So far, the foundation has reportedly sold 1,150 ETH worth around $2.8 million this month. On September 20, the foundation sold 300 ETH for 763K DAI. The total sales for this year now inch towards $10 million as the non-profits sell 3,566 ETH in 2024. The effect of the sale on ETH price has not been immediately apparent. Per CoinGecko, Ether has gained around 3% on the daily charts and close to 15% on a weekly basis.  A crypto commentator on X speculates that the Ethereum Foundation is selling ETH to manage volatility by buying DAI. At the same time, critics have been questioning the foundation’s spending transparency. Ethereum Foundation’s Josh Stark previously clarified that the foundation will soon…

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Filed under: News - @ September 23, 2024 1:26 pm