The post Ethereum Foundation Sell-Off Sparks a Bearish Sentiment on ETH appeared on BitcoinEthereumNews.com.

The Ethereum Foundation’s recent sale of 200 ETH, coupled with substantial institutional withdrawals, has fueled bearish sentiment and raised questions about Ethereum’s future. Despite the Ethereum Foundation sell-off, ETH has managed to defy the bearish sentiment and showcase resilience. This year has seen Vitalik Buterin and the Ethereum Foundation go on a sell-off spree. Now, the Ethereum Foundation’s recent sell-off, which saw 200 ETH being offloaded, has reignited fears among investors. According to Onchain data, the transaction, which took place on Monday, highlighted the overarching bearish narrative gripping the second-largest digital asset.   Diving deep, on September 23rd, Etherescan data show that the Ethereum Foundation unloaded 200 ETH for 27,989 DAI, which, in fact, is a stablecoin. This recent sale brought the total number of 1,150 ETH throughout September, accounting for approximately $2.8 million. These consecutive sales, as we have earlier reported, have drawn attention as investors wonder about the motivation behind them, putting into keen consideration the already weak market for Ethereum.  Focusing closely on the wallet address responsible for the transactions, registered as “0xd77,” this wallet has recently seen several offloading activities. While the Ethereum Foundation is known for periodically withdrawing assets to fund development and development projects surrounding the ecosystem, this consistent sale at once has created a lot of buzz. Investors fear that the foundation’s actions may add to the negative sentiment that is already brewing. That’s not it; Ethereum is in the middle of a rough storm. Coinshare’s data has shown that Ethereum’s struggles aren’t limited to just the foundation’s sell-off. During the past week, the cryptocurrency saw outflows of $28.5 million, and the month-to-date figure now stands at $145.7 million.  This level of institutional exodus indicates that large investors are growing increasingly skeptical about Ethereum’s future performance, even considering events such as the Federal Reserve’s recent rate cut,…

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Filed under: News - @ September 24, 2024 12:29 am