The Ethereum Foundation has continued its trend of selling off Ether tokens, with the latest sale totaling 300 ETH worth over $760,000. This sale occurred on Sept. 20 as the price of Ethereum surged to above $2,500. This recent sale is part of a larger selling spree by the non-profit organization, with a total of 950 ETH being sold in the past three weeks, amounting to over $2.2 million.
According to on-chain data, the Ethereum Foundation sold the 300 ETH for an average price of $2,543, which represents a 5% increase from intraday lows of $2,440. The organization has been regularly selling off Ether tokens, with sales occurring every 4-7 days. Prior to the latest sale, the foundation had sold 100 ETH on Sept. 6 for $226,868, bringing the total amount sold in three weeks to 650 ETH valued at about $1.5 million.
Spot On Chain, an on-chain insights platform, reported that the Ethereum Foundation has sold a total of 950 ETH since the beginning of September, with the average sale price being $2,392. This consistent selling of Ether tokens by the foundation has raised concerns among investors, especially as the price of Ethereum has been on the rise.
In May 2024, the Ethereum Foundation sold 1,000 ETH for over $3 million, bringing the year-to-date total at that time to 1,766 ETH sold for over $4.8 million. The latest sale of 300 ETH comes as the price of Ethereum has surged from under $2,200 levels earlier this month. At the time of writing, ETH was trading around $2,552, up roughly 5% in the past 24 hours and 8.5% in the past week.
These recent gains in the price of Ethereum have been attributed to the surge in Bitcoin price, which rose above $63,000 after the Federal Reserve announced a 0.5% interest rate cut. However, the market has also seen some unexpected activity, with five dormant Bitcoin wallets from the Satoshi era waking up and transferring 250 BTC.
Overall, the Ethereum Foundation’s selling of Ether tokens has raised questions about the organization’s motives and the impact it may have on the market. Investors will be closely watching to see how this selling spree unfolds and whether it will continue in the coming weeks.