- Ethereum insiders are still selling the native token.
- Thousands in ETH have been offloaded in recent weeks.
- The token is holding steady amid market fluctuations.
Ethereum, the second largest crypto asset has been rocked by a series of market dumps in recent weeks, primarily driven by activity within its ecosystem. From co-founder Vitalik Buterin to the Ethereum Foundation, frequent major and minor portfolio shake ups have raised eyebrows across the ecosystem.
Following a relatively quiet period, another insider wallet is stirring with activity.
ETH Foundation Dumps Again
A recent transaction by the Ethereum Foundation has continued its sell-off streak. On Tuesday, October 15, 2024, blockchain analytics platform Lookonchain highlighted another sale of 100 ETH by the foundation.
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Valued at approximately $258,000, the latest sale follows an earlier sale weeks prior, during which the foundation dumped 400 ETH, worth over $1 million, within a four-day period.
While the numbers may not seem substantial on their own, they bring the Foundation’s total sales this year to 3966 ETH. With each token offloaded at an average price of $2,765, the cumulative total sold this year has reached nearly $11 million.
Despite the recent asset shuffles, Ethereum has maintained a relatively stable price momentum. Trading at $2,610 at press time, the native token has demonstrated a positive price range in the last 24 hours and is up approximately 7.2% over the past week.
On the Flipside
- Vitalik Buterin recently sold off $1.6 million in meme coins.
- ETH’s current trading price is 45% below its all-time high.
Why This Matters
While the recent sales may appear minor, the Ethereum Foundation’s increasing frequency of ETH dumps could raise concerns among investors.
Find out more about past sell-offs by the foundation here:
Ethereum Foundation Sell-Offs Ramp Up as ETH ETF Struggles
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