Crypto News

Ethereum Drops 5% Amidst Heavy Selling By Ethereum Foundation Wallets

Ethereum experienced a significant 5% decline today, dropping below the $3,500 mark.

Recent activity from wallets linked to the Ethereum Foundation has contributed to the downward pressure on $ETH.

In the past week, three wallets associated with the Ethereum Foundation have been actively selling Ethereum.

Two of the foundation’s primary wallets sold 200 $ETH for 744,722 $DAI at an average price of approximately $3,724. Since the beginning of 2024, these wallets have offloaded 2,166 $ETH for 6.21 million $DAI, frequently preceding price drops.

Additionally, wallet 0xdb3 deposited 15,255 $ETH, worth $55.6 million, to Kraken at a price of $3,648 about three days ago. This wallet’s Ethereum originated from a foundation wallet and an Ethereum ICO participant.

These substantial sales from Ethereum Foundation-linked wallets highlight significant selling pressure in the market, contributing to Ethereum’s recent price decline.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or using any services.

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