Despite October being widely considered a bullish month for cryptocurrencies. EthereumThe price of has been under bearish pressure in the wake of the recent market crash. As ETH continues to struggle to regain its upward momentum, Ethereum’s co-founder has reportedly offloaded a large amount of ETH.
Vitalik Buterin’s massive Ethereum sale
Ethereum’s bearish price action appears to be intensifying, with sales activity at both the retail and institutional levels increasing simultaneously. Vitalik ButerinThe Ethereum founder has joined the ongoing wave of ETH selling, dumping a significant amount of altcoins in one day.
At the X post share According to crypto enthusiast and DeFi researcher OxNobler, Vitalik Buterin released more than 160,000 ETH worth $650 million on Tuesday alone. Following the huge drop in ETH, the ETH founder shocked the crypto market.
Typically, large-scale waste disposals of this kind provoke widespread speculation about the motives behind them and the impact on society. ETH price trends. This sudden drop comes at a critical moment for the major networks, given the general market volatility and unstable investor attitudes.
Does this move represent strategic portfolio management, market caution, or a sign of a change in internal sentiment? ethereum leadership The yen remains a bone of contention. Meanwhile, the massive drop has added a new layer of intrigue to ETH market trends.
Steady decline in strategic ETH reserves
The continued strong sales pitch is also reflected in the steady decline in sales. Ethereum Foundationstrategic ETH reserves. This continued decline in strategic ETH reserves signals a significant change in the way organizations handle their assets and financial strategies.
Tuesday, on-chain data revealed The foundation sold 2,400 ETH worth about $9.3 million, which is about 0.18% of the altcoin’s total supply. This latest sell off This is one of many initiatives undertaken over the past five months.
According to a report by Crypto Patel, the foundation sold 45,000 ETH worth $175 million within the deadline. The cryptocurrency community is debating whether the steady outflows from the foundation’s wallets are due to larger market positioning, ecosystem reinvestment, or operational capital requirements.
As of May this year, strategic ETH reserves The Foundation’s holdings totaled 265,400 ETH. Fast forward to today, the reserves have decreased to 220,350 ETH and over 45,000 ETH has been released. While CT was shouting “ETH to $10,000,” the foundation started pitching. “Do they know something that we don’t know? Or is it just an operational expense?” asked Krypto Patel.
At the time of writing, ETH price is trading at $3,867, representing an increase of 0.46% over the past 24 hours. Despite the bearish action, investors are showing positive sentiment towards ETH as its trading volume increased by over 31% during the same period.
Featured image from Pixabay, chart from Tradingview.com
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