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Ethereum Foundation Continues Dumping ETH, More Selloff Incoming?
The Ethereum Foundation again caused a market stir on Tuesday, continuing its ETH dumping saga. Recent on-chain data indicated that the non-profit organization sold 100 coins for over 300,000 DAI, raising market concerns. Notably, this dumping saga, nearly a month after the last selloff was recorded, has sparked sentiments of further selloffs incoming.
Meanwhile, crypto market traders and investors continue to extensively eye the crypto for further price shifts amid such market events.
Ethereum Foundation Sells Again Raising Market Concerns
According to recent data from Spot on Chain, the Ethereum Foundation sold 100 ETH for 374,334 DAI on December 10. Per the data, this selloff has brought the organization’s total Ethereum sales in 2024 to 4,366 coins, worth $12.21 million. Intriguingly, the average price for these selloffs was recorded as $2,796.
Moreover, it’s also noteworthy that this dump occurred roughly a month after the last selloff was recorded. In conclusion, market participants remain apprehensive as the selloffs bring increased selling pressure to the crypto while the non-profit organization continues to offload it. A previous CoinGape report revealed that the Ethereum Foundation boasted $970.2 million in treasury, with the lion’s share of the firm’s crypto holdings in Ethereum. The massive holdings further raise concerns as the firm could decide to sell ahead amid a bull market, bringing further downside pressure to the asset.
ETH Loses Momentum
Meanwhile, ETH price today declined nearly 3% at the time of reporting and was sitting at $3,752. The crypto’s 24-hour low and high were registered as $3,525.23 and $3,944.76, respectively. Notably, the waning action comes in tandem with the Ethereum Foundation’s selloff, raising market apprehensiveness. Besides, with the broader charts indicating phenomenal gains, worth 4% and 17% monthly and weekly, market watchers speculate if further selloffs are to come as the price continues to rise.
In the interim, investors also remain apprehensive over the crypto’s future movements, solidified by additional bearish market stats. A recent Ethereum price analysis by CoinGape Media indicated that the crypto braces for a drop, as pointed out by technical factors and broader chart movements. Crypto market enthusiasts continue to extensively eye the crypto for further riveting shifts in price.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
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