Ethereum Price Plunge Alert: Foundation Dumps 100 ETH Before ETF—’Buy the Rumor, Sell the News’ in Action?
The post Ethereum Price Plunge Alert: Foundation Dumps 100 ETH Before ETF—’Buy the Rumor, Sell the News’ in Action? appeared first on Coinpedia Fintech News
Spotonchain, a prominent blockchain analytical platform, the Ethereum Foundation recently sold 100 ETH for 345,179 DAI. This transaction is noteworthy because it took place just hours before the scheduled launch of Ethereum ETFs, adding intrigue to the timing and raising questions over the exact reason behind such a transaction.
Ethereum Foundation’s Sales in 2024
Spotonchain reports that, in 2024, the Ethereum Foundation has sold a total of 2,366 ETH, amounting to 6.9 million DAI, at an average price of $2,916 per ETH. The last recorded sale occurred 21 days ago, on July 2.
These sales are seen as part of a strategic approach by the Foundation to manage its Ethereum holdings effectively. Meanwhile, The timing of these transactions is particularly intriguing, given the imminent launch of Ethereum ETFs.
In addition to the recent sale, Spotonchain highlights that another wallet linked to the Ethereum Foundation and the ICO, identified as “0xdb3,” moved 3,200 ETH (valued at $11.2 million) to the Kraken exchange 19 hours ago.
This significant movement of funds raises questions about the Foundation’s financial strategies and market outlook. However, the exact reason behind this activity remains unclear.
Ethereum ETFs to Bring $4 Bln Inflows
However, Chinese journalist Colin Wu predicts that the spot Ethereum ETFs could attract up to $4 billion in capital inflows within the next year. Meanwhile, analysts predict Ethereum’s price will rise by 24% within this period.
As of now, Ethereum is trading at $3,506, having bounced back 0.53% after a recent 3.5% drop, showing strong recovery potential.
