In an unprecedented turn of events, the Ethereum Foundation, a non-profit organization jacking up Ethereum, shifted noteworthy amounts of ETH to a multisign address today, raising eyebrows across the global crypto community. The transfer, worth nearly $3 million ETH, has in turn ignited speculations orbiting Ethereum’s future price trajectory.

Historical data suggests that such previous transfers often occurred right before a price dip observed by Ethereum.

Multisign addresses are extremely secure wallets, utilizing a crypto encryption technique that requires two or more unique digital signatures to authorize a transaction.

Ethereum Foundation’s Transfer to Multisign Address: A Closer Look

According to the data facilitated by the on-chain analytics platform Spotonchain, the Ethereum Foundation was noted to be shifting 1000 ETH to the middle multisign address 0xbc9 today, May 8. It’s worth mentioning that since the beginning of 2024, the Ethereum Foundation has sold 1,766 ETH for 4.81 million DAI at an average price of $2,725 to the same address.

Notably, the sell transactions from the Ethereum Foundation occurred in several small batches via the same middle multisign wallet mentioned above. What’s even more captivating is that the ETH price has experienced a dip after most of these sell transactions.

While this has raised concerns about a potential dip in Ethereum’s price ahead, it’s also essential to consider the broader market conditions. Ethereum traded in the red at press time, nabbing further attention as it potentially aligned with the NPO entity’s ETH transfer and historical data.

The #Ethereum Foundation transferred 1,000 $ETH ($3M) to middle multisign 0xbc9 an hour ago.

Notably, since the start of 2024, the Ethereum Foundation has sold 1,766 $ETH for 4.81M $DAI at ~$2,725 in several small batches via this middle multisign 0xbc9, often ahead of a price… pic.twitter.com/ry2brlCpRo

— Spot On Chain (@spotonchain) May 8, 2024

Also Read: Ethereum ETF: Why Is Grayscale Dropping ETH Futures Application?

ETH Price Falls

As of writing, ETH’s price trajectory tumbled considerably, illustrating a dip of 3.14% in the past 24 hours. The token currently trades at $3,002, with a 3.12% slip in market cap, followed by a 14.96% decrease in 24-hour trading volume. Further, its 24-hour lows and highs are $2,979.73 and $3,104.93, respectively.

The recent heightened turbulence in the ETH price trajectory can potentially be attributed to the massive whale activity recorded today. With accumulations and dumps surfing in hand within the market, the token’s short-term prospects remain uncertain, further accompanied by the regulatory uncertainty ETH faces over its security saga.

Besides, speculations over further dips continue to cloud investors’ minds, with the abovementioned development further weighing in.

Also Read: Mastercard Collaborates Major US Banks To Test Tokenized Asset Settlement

The post Ethereum Foundation Shifts $3M ETH Sparking Further Price Dip Concerns appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am