Ethereum $2,653 The Foundationraised investor concerns again by selling 200 ETH on Monday. On-chain data shows that the sale occurred via two transactions and caught the attention of market watchers amid bearish waves in the overall market.
Ethereum Foundation’s Latest ETH Sale Raises Bearish Market Concerns
According to on-chain data dated September 23 Ethereum His foundation sold 200 ETH for 527,989 DAI. This massive sale resulted in a total of 1,150 ETH (worth $2.8 million) sold in September.
Notably, the organization has been reported to be selling ETH regularly over the past few days. The last sale reportedly occurred just three days ago, according to the data. The wallet address associated with the organization begins with ‘0xd77…’. A volatile Ethereum marketThese sales triggered investor concerns on a global scale.
CoinShares data showed that Ethereum recorded weekly outflows of $28.5 million despite the Fed’s 50 basis point rate cut last week. In addition, outflows totaled $145.7 million since the beginning of the month, reinforcing investor concerns about the asset. In contrast, Bitcoin 
$63,547 $284 million in weekly inflows and $76 million since the beginning of the month. This data shows that although macroeconomic events provide support to risky assets, institutional investors ETH marketindicates that a decline is expected.
Price Performance of ETH
On the other hand, despite the above-mentioned sell-off, ETH is trading in the green today, defying the downtrend. At the time of writing, ETH’s price is trading at $2,635, up 2% in the last 24 hours. The intraday low and high were recorded at $2,528 and $2,685, respectively.
Interestingly, data from Coinglass shows that ETH futures open interest increased by 0.69% today to $12.09 billion. Furthermore, the volume of derivatives transactions increased by 77.12% to $28.37 billion, leading to conflicting sentiments about the asset’s future movements.
The Ethereum Foundation’s ongoing ETH sales and institutional investors’ bearish expectations are increasing the uncertainty about the future of ETH in the cryptocurrency market. The increasing selling pressure and the increasing supply on exchanges may put downward pressure on the price. However, considering Ethereum’s long-term potential and its leadership in areas such as smart contracts, DeFi, and NFTs, price fluctuations may be short-term. It is important for investors to carefully monitor market dynamics and fundamental factors.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
