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The Ethereum Foundation recently sold 100 Ethereum tokens, valued at $240,000. This sale has led to speculation among users that Vitalik Buterin might be offloading his ETH holdings. Since May 2024, Ethereum has been under bearish pressure.
An X user reported the recent sale, noting that the same address had sold 2,616 ETH over the past eight months, totaling $7.64 million, with an average selling price of $2,921. Despite highlighting several significant ETH transfers by the Ethereum Foundation, the user did not provide any reasons for these transactions. This has fueled speculation within the crypto community about a potential selloff of Ethereum assets by the Foundation, possibly involving co-founder Vitalik Buterin.
While speculation about Ethereum selloffs continues, it’s important to note that Buterin has previously clarified his involvement in selling the flagship altcoin. Recently, he reassured the Ethereum community that he is committed to not selling Ethereum tokens. According to him, almost all ETH transfers involving him are donations to charitable organizations.
Currently, there is no evidence linking Buterin directly to the latest transactions, despite his prominent role in the Ethereum Foundation. Nevertheless, industry skeptics remain concerned about this ongoing trend, leading to FUD (fear, uncertainty, and doubt) regarding the possibility of Buterin systematically cashing out his ETH holdings.
ETH’s price has struggled for several months, remaining in a sustained bearish trend since May. After failing to climb above $4,000 for the second time in 2024, the flagship altcoin reversed its bullish trend. Since then, ETH’s price has declined, ignoring several bullish signals, including a spot Ethereum ETF by the SEC.
Ethereum’s latest pullback began three weeks ago after encountering resistance at $2,820. ETH’s price has dropped since then, losing 13% of its value last week. The bearish pressure has continued this week, with the altcoin’s price falling to $2,390 at the time of writing, according to TradingView data.
While ETH has experienced a significant decline, it’s important to remember that the bearish trend is affecting the entire crypto market. The heightened focus on Ethereum likely stems from the disappointment of its community, given the altcoin’s prominence and expectations for stronger performance.
Sentiment: Neutral
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