The Ethereum 
$3,168 Foundation increased investor anxiety by selling 200 ETH on Monday. On-chain data indicates that this sale occurred through two transactions, drawing attention from market observers as the overall market experienced downward waves.
Ethereum Foundation’s Recent ETH Sale Sparks Market Worries
According to on-chain data from September 23, the Ethereum Foundation sold 200 ETH for 527,989 DAI. This significant sale contributed to a total of 1,150 ETH (valued at $2.8 million) sold in September.
Notably, the organization has been consistently selling ETH in recent days. Reports indicate that the last sale occurred just three days prior. The wallet address associated with the organization begins with ‘0xd77…’. These sales within a volatile Ethereum market triggered global investor concerns.
ETH’s Price Performance
Interestingly, despite the aforementioned sales, ETH is trading positively today, challenging the downward trend. At the time of writing, ETH’s price is $2,635, reflecting a 2% increase over the last 24 hours, with daily lows and highs recorded at $2,528 and $2,685, respectively.
Coinglass data interestingly shows that ETH’s open interest in futures increased by 0.69%, reaching $12.09 billion. Additionally, the volume of derivative transactions surged by 77.12%, reaching $28.37 billion, contributing to mixed sentiments regarding the asset’s future movements.
The ongoing ETH sales by the Ethereum Foundation and the bearish outlook from institutional investors add uncertainty to ETH’s future in the cryptocurrency market. The rising selling pressure and increased exchange supply may exert downward pressure on prices. Nevertheless, considering Ethereum’s long-term potential and leadership in sectors like smart contracts, DeFi, and NFTs, price fluctuations may be short-lived. Investors should carefully monitor market dynamics and fundamental factors.
