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Ethereum Foundation raises $10 million in ETH sales every 11 days

GrafaGrafa2024/09/22 09:20
By:Isaac Francis

The Ethereum Foundation has sold 3,466 ETH (CRYPTO:ETH) throughout 2024, raising around $9.67 million, according to blockchain analysis firm Spotonchain.

On average, the Foundation has made sales every 11 days, including its most recent sale of 300 ETH, valued at approximately $763,000, in the past 24 hours.

Despite some concerns about the potential selling pressure on Ethereum’s price, experts have pointed out that these sales support long-term decentralisation.

Justin Drake, a researcher at the Ethereum Foundation, commented, "In the long term, the reduction in ETH held by the Ethereum Foundation is a good thing."

He noted that reducing the Foundation’s ETH holdings to near 0% would help promote decentralisation across the network.

While these frequent sales have drawn attention, the Ethereum Foundation still retains a significant amount of ETH.

Data from Arkham Intelligence shows that one of its wallets holds 271,652 ETH, currently valued at around $683.83 million.

The sales come at a time when Ethereum's market performance is showing signs of improvement.

ETH recently reclaimed the $2,500 level, trading at $2,551 at the time of reporting, after a period of underperformance.

However, Ethereum has hit its lowest point against Bitcoin (CRYPTO:BTC) in over 40 months, largely due to positive ETF flows that favor Bitcoin's relative stability over Ethereum's more volatile profile.

The Ethereum Foundation’s ETH sales are seen as part of a strategy to diversify its holdings while contributing to the decentralisation of the network.

Although market fluctuations continue to affect Ethereum’s standing, the Foundation's ongoing role remains a key point of focus in the cryptocurrency world.

At the time of reporting, the Ethereum (ETH) price was $2,585.16.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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