According to Etherscan, the Ethereum Foundation has sold 200 ETH for 527,989 DAI. This recent sale has sparked concerns among investors worldwide, as Ethereum continues to face challenges in the industry. On-chain data reveals that the selloff occurred through two transactions.
Despite positive developments in the macroeconomic landscape, Ethereum is still experiencing significant withdrawals. This has left traders and cryptocurrency investors wondering about the future of the second-largest cryptocurrency by market valuation.
The Ethereum Foundation has been consistently selling ETH over the past few days, including a sale just three days ago. The organization’s wallet address, recorded as ‘0xd77′, has been actively involved in these transactions. The volatility of the Ethereum market and the subsequent selloff have raised concerns among global investors.
Despite a 50 basis points drop in interest rates by the Federal Reserve last week, Ethereum has seen a weekly outflow of $28.5 million, according to CoinShares’ statistics. The asset’s mistrust among investors was further reinforced by a total outflow of $145.7 million for the month.
However, today ETH is trading positively, defying pessimistic market sentiments following the aforementioned selloff. The price of Ethereum (ETH) has increased by 3% over the past 24 hours, reaching $2,662 at the time of writing, according to data from CMC.
In other crypto news today, Ripple Price has been consolidating in a symmetrical triangle for the past 1.5 months. Investors are eagerly waiting to see what’s next for XRP.