In the recent week, there has been notable activity involving wallets associated with the Ethereum Foundation, with substantial sales and transfers of Ethereum (ETH) taking place. Specifically, two prominent wallets connected to the Ethereum Foundation have sold 200 ETH, acquiring around 744,722 DAI, equivalent to approximately $3,724 per ETH. This transaction is part of a larger trend that has been observed since the beginning of 2024, where these wallets have sold a total of 2,166 ETH for an impressive 6.21 million DAI.
In the last week, three wallets affiliated with the Ethereum Foundation have been actively involved in selling ETH!
1. The main wallets of the Ethereum Foundation sold 200 ETH for 744,722 DAI at an average price of $3,724.
• Since the start of 2024, they have sold 2,166 ETH for 6.21 million DAI, often anticipating price declines.
2. …
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— Spot On Chain (@spotonchain)
June 11, 2024
The timing of these sales has attracted the attention of market analysts and investors, as they tend to precede significant drops in ETH prices. This pattern indicates a strategic approach to liquidation based on market projections and internal insights, potentially impacting market sentiment and investor decisions.
In addition to these sales, another wallet identified as 0xdb3, associated with both the Ethereum Foundation and an early participant in an Ethereum initial coin offering (ICO), recently transferred a substantial 15,255 ETH (worth approximately $55.6 million) to the Kraken exchange just three days ago. The price per ETH at the time of the transfer was approximately $3,648.
These transactions have important implications for the market dynamics of Ethereum. The large-scale selling from wallets connected to the foundation, particularly in collaboration with early participants like ICO contributors, raises questions about the potential insights these early movers may possess regarding the short-term movements of the cryptocurrency.