• The Ethereum Foundation sold 1,150 ETH this month, fueling investor concerns over frequent sell-offs amid bearish market trends.
  • Large ETH holders, like an ICO participant who sold 3,510 ETH, are adding to market uncertainty by cashing in on current conditions.
  • While Ethereum faces outflows, Bitcoin saw $284M in inflows last week, signaling a growing shift in institutional investor focus.

The Ethereum Foundation’s consistent sales of ETH in September have investors worried. With their most recent transaction of 200 ETH for 527,989 DAI, they have now sold 1,150 ETH for a total value of $2.8 million in September. 

With Ethereum currently on a bearish track, these regular sell-offs, which happen every few days, have raised concerns about possible effects on the market. It’s noteworthy that the previous sale was made only three days ago.

🚨🚨 The Ethereum Foundation has been selling $ETH at an alarming rate in September!

Just now, they sold another 200 $ETH for 527,989 $DAI again, bringing the total amount of $ETH sold in September to 1,150 $ETH ($2.8M).

Note that they have been selling $ETH every few other… https://t.co/hvVs63tfKl pic.twitter.com/3Bnv7V8OBd

— Spot On Chain (@spotonchain) September 23, 2024

Impact of Major Transfers on Market Sentiment

Besides the Ethereum Foundation’s moves, another ETH sale emerged when an initial Ethereum ICO participant, who received 150,000 ETH during Genesis, recently moved 3,510 ETH, worth $9.12 million, to Kraken after over two years of dormancy. 

This participant’s holdings, initially costing $46,500, are now valued at nearly $390 million. These large transfers have amplified investor uncertainty, as large ETH holders seem to be capitalizing on Ethereum’s market conditions.

Furthermore, Bitcoin has seen the reverse of Ethereum’s steady outflows. According to CoinShares data, Bitcoin received inflows of $284 million last week, while Ethereum saw outflows of $28.5 million.

Concerns are raised by this change in institutional focus, which suggests that while Bitcoin continues to draw substantial capital , major investors are becoming less optimistic about Ethereum.

Read CRYPTONEWSLAND on google news

Technical Analysis and Future Outlook

Additionally, Ethereum’s price has been volatile. The Awesome Oscillator (AO) indicator indicates bullish momentum, but the Stochastic RSI indicates overbought conditions, suggesting a potential near-term correction.

Nevertheless, if Ethereum can break through its critical resistance level at $2,681, further upside potential may be unlocked. ETH saw an upward trend despite the sell-offs, rising from $2,396 to $2,519.

Source: BingX

Consequently, market performance may continue to be impacted by Ethereum’s regular withdrawals as well as the general gloomy attitude. Though Ethereum’s withdrawals are offset by Bitcoin’s inflows, the larger cryptocurrency market is still erratic. When they make their next movements, investors will probably be attentively observing these tendencies.

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.