Ethereum

Ethereum Foundation, Vitalik Buterin-Linked Wallets On Selling Spree, ETH Price Drop

3 months ago
Bitcoin Ethereum News

Ethereum wallets belonging to the Ethereum Foundation and associated with Vitalik Buterin have been on a strong selling spree leading to continuous ETH selling pressure. Last week, the ETH price dropped to $2,150 before recovering back partially amid the huge sell-off.

Ethereum Foundation and Vitalik Buterin-Linked Addresses on Selling Spree

The latest Arkham Intelligence data shows that the Ethereum Foundation wallet has been moving ETH in big numbers over the past few hours. The Foundation has been on a continuous ETH selling spree ever since the debut of the spot Ethereum ETFs.

On the other hand, wallets associated with Ethereum co-founder Vitalik Buterin have been on a selling spree. As per the data from Spot On Chain, a multi-signature wallet that received major transfers of Ethereum from Vitalik Buterin is actively selling its holdings.

After receiving 3,800 ETH, worth approximately $9.99 million, from Buterin in two transactions on August 9 and August 30, the wallet has been steadily offloading its assets. Despite Vitalik Buterin’s ETH holdings on a decline, he denied the dumping rumors last week.

So far, the wallet that received ETH from Buterin sold 760 ETH for 1.835 million USDC, at an average price of $2,414 per ETH. The latest sale occurred just 21 hours ago, continuing the trend of cashing out a significant portion of the ETH holdings. This coupled with the Ethereum Foundation sell-off can give ETH bears the upper hand.

On the other hand, crypto hackers are also contributing to the ETH price pressure by sending their ETH to Tornado Cash.

Ethereum Whale Liquidations Surge Amid ETH Price Drop

Following the ETH price crash on September 7, an Ethereum whale offloaded approximately 28,554 ETH worth $64.4 million in order to clear the outstanding debts on the Aave platform. This whale had accumulated around 30,500 ETH at an average price of $2,850 between December 18, 2023, and July 31, 2024, and suffered a significant loss of more than $17 million in the liquidation.

Popular crypto analyst Ali Martinez stated that Ethereum whales stopped accumulating additional ETH in July and have been distributing since then.

Apart from the Ethereum Foundation and Vitalik Buterin, other significant players have also continued to offload their ETH in recent times. An hour ago, Metalpha transferred 10,000 ETH worth $23 million to Binance, marking another significant deposit. Over the past three days, Metalpha has deposited a total of 23,589 ETH  worth approximately $54.1 million to the exchange.

Currently, the Ethereum price is trading at $2,291 with a market cap of $275 billion. If the selling pressure continues, ETH might take a dive under $2,000 before resuming a strong uptrend.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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-vitalik-buterin-linked-wallets-on-selling-spree-eth-price-drop/