The Ethereum Foundation has sold 300 ETH worth over $760,000, a 5% increase from intraday lows of $2,440. The foundation has been selling Ether every four to seven days, with a total of 950 ETH sold since September, totaling over $2.2 million.
The foundation has previously sold 1,000 ETH for over $3 million in May 2024, with year-to-date totals reaching 1,766 ETH sold for over $4.8 million.
The latest dump comes after Ethereum’s price surged from under $2,200 levels earlier this month. ETH currently trades around $2,552, 5% up in the past 24 hours and +8.5% in the past week.
These gains have come as Bitcoin’s price surged to above $63,000 after the Fed cut interest rates by 0.5%. The foundation has been one of the top holders to dump Ethereum tokens as prices stalled.
Recently, Vitalik Buterin, Ethereum co-founder, has made significant ETH transfers, causing speculation in the crypto community. The wallet “0xD04daa” transferred 1,300 ETH, approximately valued at $3.17 million, to the external address “0x5567A,” prompted by a 6.3% rise in Ethereum’s price.
