- The Ethereum Foundation sold 200 ETH for 527,989 DAI, according to Etherscan.
- In September, a total of 1,150 ETH, valued at $2.8 million, were sold due to this big selloff.
The sale of 200 ETH by the Ethereum Foundation on Monday has roused investor fears throughout the world. Market observers are scratching their heads since the crypto is riding out negative waves in the industry as a whole. And on-chain data has shown that the selloff occurred via two transactions.
Even if risk assets have been appreciating due to recent macroeconomic developments, market data shows that Ethereum is still seeing massive withdrawals. People who trade and invest in cryptocurrencies often wonder what the future holds for the cryptocurrency with the second-largest market valuation.
Ongoing Selling Spree
Today, the Ethereum Foundation sold 200 ETH for 527,989 DAI, according to data from Etherscan, which was updated on September 23. In September, a total of 1,150 ETH, valued at $2.8 million, were sold due to this big selloff.
It is worth mentioning that the organization has been consistently selling ETH for the previous several days. According to the numbers, the most recent sale occurred just three days ago. The organization’s associated wallet address was recorded as ‘0xd77’. Global investors are worried about the Ethereum market’s volatility and the subsequent selloff.
Even if the Federal Reserve dropped interest rates by 50 basis points last week, Ethereum nevertheless had a weekly outflow of $28.5 million, according to statistics from CoinShares. Investors’ mistrust of the asset was further cemented by the $145.7 million in outflows for the month.
ETH, however, is trading in the green today, bucking gloomy market views despite the aforementioned selloff. With a 3% increase over the previous 24 hours, the price of Ethereum (ETH) was $2,662 at the time of writing as per data from CMC.
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