The Ethereum Foundation (EF), a crucial organization behind developing and promoting the Ethereum blockchain, has made a notable move. The foundation has made a sale of 100 ETH in its recent selloff. This sale, spotted by Lookonchain, registers as another sale this year.
According to a post on X, Lookonchain highlighted that the 100 ETH sold has an estimated value of approximately $336,000. Notably, the Ethereum Foundation sold 100 ETH less than two weeks ago, on January 8, 2025.
The #Ethereum Foundation just sold another 100 $ETH($336K)!#Ethereum Foundation has sold a total of 4,666 $ETH($13.3M) since Jan 2, 2024.https://t.co/li1EpJ7CS1 pic.twitter.com/GFIIqg0Ioi
— Lookonchain (@lookonchain) January 20, 2025
Interestingly, since January 2, 2024, EF has sold off 4,666 ETH. These cumulative sales have been estimated at approximately $13.3 million. This indicates significant liquidation on the part of the Ethereum Foundation.
The reasons for the liquidation have not been made public and have sparked concerns in some quarters. However, analysts suggest it could cover operational expenses or fund new undisclosed projects.
The sales have also been subjected to different interpretations by market observers. Some opine that given the slow price response of ETH in the ongoing bullish rally, the selloff by EF could have been better timed. They argue that the sales could further fuel bearish sentiments on the assets, potentially leading to price volatility.
As of this writing, ETH is changing hands at $3,315.67, a 3.62% increase in the last 24 hours. This is despite trading volume soaring by 85.92% to $65.76 billion. Ethereum has fluctuated between a low of $3,147.52 and a high of $3,444.28 within the same period.
The largest altcoin in market capitalization has not enjoyed the same bullish run as Bitcoin, which set a new all-time high of $109,036. Bitcoin’s surge appears to have been influenced by speculation of an announcement of a Strategic Bitcoin Reserve by President-elect Donald Trump on the inauguration.
Meanwhile, the Ethereum ecosystem looks forward to the Pectra upgrade in March 2025. Before the March release, new client releases for the upgrade and hard forks on Ethereum test networks, Sepolia and Holesky, will come on in February.
The upgrade hopes to improve user experience and boost general network efficiency. It could potentially impact the value of ETH and support the asset’s climb to new heights.
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