• The Ethereum Foundation sold 1,150 ETH worth approximately $2.8 million in September, continuing a pattern of frequent sales every 4-7 days.
  • The Ethereum Foundation’s consistent sell-offs come amid a rising ETH market, with the cryptocurrency currently trading at $2,357.

The Ethereum Foundation has been actively selling Ether, contributing to an increased supply of the altcoin on exchanges. Recently, the Foundation sold 300 ETH for 763,092 DAI amid a market recovery for Ethereum, the second-largest cryptocurrency by market cap.

Over the past three weeks, the Foundation has offloaded 950 ETH tokens, valued at approximately $2.27 million, at an average price of $2,392 per token. The recent sales reveal a consistent pattern, with transactions occurring every 4 to 7 days.

Additionally, despite the ongoing sell-offs, Ethereum's price has seen a 7.98% increase over the last seven days, currently trading at $2,543.35, with a market capitalization of $306.08 billion.

In a latest move, the Ethereum Foundation sold an additional 200 ETH for 527,989 DAI, bringing its total sales in September to 1,150 ETH, worth around $2.8 million.

The sales come during a broader market upswing, suggesting the Foundation's strategy could be driven by portfolio rebalancing or funding needs rather than a lack of confidence in Ethereum’s long-term prospects.

However, the regular sales could also impact investor sentiment, especially as the market closely watches these moves by the Foundation.

Edited by Harshajit Sarmah

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NewzchainHarshajit Sarmah