- Ethereum Foundation has sold a substantial amount of ETH this month, including 300 ETH worth around $707,328 recently
- Despite the Ethereum price surge, the Ethereum Foundation and Vitalik Buterin have been selling ETH
- Mike Novogratz’s crypto investment firm Galaxy Digital has purchased 3,500 ETH worth around $8.91 million from Binance amid the price rally
The Ethereum Foundation has been dumping impressive amounts of ETH this month.
Ethereum Foundation Dumps More ETH
The Ethereum Foundation continues to sell substantial amounts of Ethereum. Less than an hour ago, this entity sold another 300 ETH for 763092 DAI stablecoins, worth about $707,328. This is not the first sale this month. On Sept 9, it dumped 100 ETH for 226868 DAI, worth $235,776. In total, over the past three weeks, the foundation has unloaded 650 ETH at an average price of $2323 – $1.51 million.
Ethereum Market Performance
Today, Ethereum has seen an impressive 4.71% price increase, surging from $2450 to $2565. This 5.72% growth over the past 24 hours comes after an 11% rise since Wednesday, when Ethereum spiked from $2293 to its current level.
This large Ethereum price spike was triggered by Bitcoin’s nearly 7% surge since Wednesday. Bitcoin’s jump came after Fed Reserve Chairman Jerome Powell announced a 50 basis point interest rate cut.
Ethereum co-founder Vitalik Buterin also recently made a large 1300 ETH sale worth about $3.17 million as the price pumped.
Mike Novogratz’s Crypto Bank Buys ETH
Despite sell-offs by Vitalik Buterin and the Ethereum Foundation, Galaxy Digital – the investment fund founded by Mike Novogratz – purchased 3500 ETH from Binance for approximately $891 million. Galaxy Digital now holds 65,368 ETH valued at $16.668 million.
Conclusion
Even with major sellers like Vitalik Buterin and the Ethereum Foundation offloading ETH, other major players like Novogratz’s Galaxy Digital are scooping it up. Ethereum’s price remains strong, but it will be interesting to watch whether these selling trends continue.
