The Ethereum Foundation has sold another 100 Ethereum tokens worth approximately $260,000. The Foundation has now sold 1,050 ETH with a minimum and maximum value of $2,301 and $2,645, respectively. They are collectively worth $2.53 million. Given the token’s fluctuating value, it’s likely that investors have sold a significant quantity of tokens to generate profits. At that time, short-term investors rushed to accumulate ETH.
The Ethereum Foundation has sold 950 tokens for nearly $2.2 million since the beginning of September 2024, or within the past three weeks. It is noted that the interval for selling ETH is four to seven days. Older selling activities were conducted in May 2024, during which 1,000 units were sold for over $3 million.
Vitalik Buterin was also seen selling his fair share. The co-founder of Ethereum made significant gains, causing speculation about Ethereum’s future.
At the time of writing this article, ETH is hovering around $2,647.27, up by 2.64% in the last 24 hours. It further reflects a rise of 15.38% over the last 7 days. The 24-hour trading volume is also up by 59.49% while the article is being drafted. Investors who accumulated ETH at its lowest and are on a selling spree may look to shed some more weight in the times to come. For more insights on where ETH might be headed, check out ETH price predictions.
Ether is anticipated to breach the mark of $3,000 by the end of September this year. Despite its slow pace, the token is poised to surpass the major milestone as soon as possible. This is based on a variety of factors, including demand, staking, and rate cuts, as well as the price of BTC and resilience.
During the bearish market in 2024, more than 60% of ETH holders were profitable. That is a decent number in comparison to the bullish phase of 2017, when the ecosystem only had 3% of holders’ banking profits. This represents a stronger resilience and, hence, brings profitable potential for ETH.
Next, rate cuts have triggered a series of ETH value upticks. The Federal Reserve is likely to cut rates two more times by the end of 2024. That facilitates a higher return. This, in turn, encourages investors to liquidate their shares and pocket the profits. Simply put, investors who have sold their Ether tokens right now and still have some left could replicate the current strategy later as well.
If it considers booking profits, the Ethereum Foundation could set the trend. Staking activities are encouraging investors to stay within the ecosystem and take rewards to their name. This is causing the price to rise. Although the Ethereum Foundation has not yet taken action, the frequency of its sales could remain consistent or, at the very least, expand over more days.
It remains to be seen if the Ethereum Foundation will sell tokens in the coming days or if it will retain them for a little longer for higher profits.