Buterin Denies ETH Dumping as Foundation Cashes Out $240K

• The Ethereum Foundation recently sold 100 Ethereum tokens worth $240,000.
• Users suspect Vitalik Buterin may be selling off his ETH holdings.
• Ethereum has been under bearish pressure since May 2024.

The Ethereum Foundation recently sold 100 ETH tokens worth $240,000 amid declining prices. An X user who reported the sale noted that the same address had sold 2,616 ETH on the chain in the past eight months, with a total value of $7.64 million and an average selling price of $2,921.

While the X user highlighted several previous transactions by the Ethereum Foundation involving significant ETH transfers, no reason was provided. This has fueled speculation within the crypto community about a potential selloff of Ethereum holdings by the Ethereum Foundation, possibly even implicating Ethereum co-founder Vitalik Buterin.

Read also: Vitalik Buterin Reveals Ethereum Foundation’s 2023 Expenses and His Salary

While the Ethereum selloff speculation continues, it is crucial to note that Buterin had previously cleared the air over his involvement with selling the flagship altcoin. Not too long ago, the prominent blockchain figure reassured Ethereum community members of his commitment not to sell Ethereum tokens. According to him, almost all ETH transfers involving him are for donations to charity organizations.

Currently, there’s no evidence linking Buterin directly to the latest transactions, despite his prominent role in the Ethereum Foundation. Nevertheless, industry skeptics are concerned about the ongoing trend, leading to FUD (fear, uncertainty, and doubt) surrounding the possibility of the Ethereum co-founder systematically cashing out his ETH holdings.

Read also: Is Vitalik Buterin Selling His Ethereum?

ETH’s price has struggled for many months, remaining in a sustained bearish trend since May. The flagship altcoin reversed its bullish trend after failing to climb above $4,000 for the second time in 2024. Since then, ETH’s price has declined, neglecting several bullish signals, including a spot Ethereum ETF by the SEC.

Ethereum’s latest pullback began three weeks ago after encountering resistance at $2,820. ETH’s price has dropped since then, losing 13% of its value last week. The bearish pressure has continued this week, with the altcoin’s price falling to $2,390 at the time of writing, according to TradingView data.

While ETH has experienced a significant decline, it’s important to remember that the bearish trend is affecting the entire crypto market. The heightened focus on Ethereum likely stems from the disappointment of its community, given the altcoin’s prominence and expectations for stronger performance.