Ethereum Foundation has executed a new series of transactions, sending 2,500 ETH to the Bitstamp exchange, valued at approximately $6.06 million. This move occurred through two separate transactions, each involving 1,250 ETH. This recent activity aligns with an ongoing pattern where the Foundation appears to be liquidating parts of its holdings amid fluctuating market conditions.
The transactions took place early in the morning, with the first occurring at 08:14:35 AM UTC and the second occurring at 08:19:23 AM UTC on October 8.
Ethereum Foundation Liquidates $6.06M in ETH to Bitstamp Exchange
According to Lookonchain, the Ethereum Foundation has been active in managing its ETH assets under the pressure of a bearish market. This recent transaction involved moving 2,500 ETH to Bitstamp in two equal parts, each worth approximately $3.03 million. The Foundation’s strategy seems geared towards converting some of its digital assets into cash or stablecoins during periods of high volatility.
Furthermore, this move coincides with a similar trend among Ethereum whales. For instance, an ICO whale participant recently sold 6,000 ETH amid a broader sell-off. Since September 22, this individual has sold 45,000 ETH, accumulating $113.2 million at an average price of $2,516 per ETH. These sales have been contributing to the bearish sentiment in the market.
In addition to the Ethereum Foundation’s sales, Ethereum whales have made other noteworthy movements. Earlier today, another whale moved 11,456 ETH, worth approximately $27.8 million, to the exchange Binance. This transaction further emphasizes the trend of large-scale holders transferring significant ETH amounts amidst market uncertainties.
A whale deposited 11,456 $ETH($27.8M) to #Binance in the past 40 minutes!https://t.co/0L5r2u9wF9 pic.twitter.com/gNZI3pKAEx
— Lookonchain (@lookonchain) October 8, 2024
Moreover, transaction data from September shows that the Ethereum Foundation offloaded a total of 3,766 ETH, valued at about $10.46 million, throughout the month. This pattern of liquidation reflects a broader strategy of reducing exposure during market downturns to rebalance financial strategies in response to the volatile market.
ETH Price Market Response and Future Outlook
The ongoing liquidations by the Ethereum Foundation and Ethereum whales have sparked debates about the immediate effects on ETH price. These discussions focus on both the short-term market impacts and the long-term implications for Ethereum.
A recent analysis by Ali Martinez highlighted that ETH price is at a make-or-break junction, with $2,300 serving as a critical support level. According to Martinez, 2.77 million addresses have purchased 52.65 million ETH at this price point. If market bulls maintain this level, there is potential for a threefold increase in value. Conversely, a drop below $2,300 could trigger a 30% decline to $1,600.
At the time of writing, Ethereum (ETH) price is at $2,441, reflecting a minor decline of 0.14% over the last 24 hours.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/ethereum-foundation-sells-6m-eth-amid-continued-whale-liquidations/
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