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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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The Ethereum Foundation takes the opportunity to dump $12.7 million in ETH, with on-chain data revealing the details.
As the price of ETH soared to a new annual high, the Ethereum Foundation was found to be dumping its holdings on a large scale. On-chain data shows that the foundation's associated wallet sold 2,795 ETH late Tuesday night, cashing out approximately $12.7 million. This move has sparked market attention: is this profit-taking, or a hedging against short-term market risks?
Dumping details: Two transactions totaling 2,795 ETH
(Source: Lookonchain)
The on-chain analysis platform Lookonchain reports that the address "0xF39…E4B" is associated with the Ethereum Foundation and has completed two large sell-offs in a short period of time:
The first transaction: sold 1,695 ETH at a price of about 4,556 USD, in exchange for 7.72 million DAI.
Second transaction (about one hour later): sell 1,100 ETH at a price of $4,602.
The wallet first received 20,756 ETH from the "EF 1" address in 2017. After this dumping, only 99.9 ETH (approximately $457,000) and 11.6 million DAI remain.
ETH price breaks $4,500, setting a new high for the year
The dumping occurred when ETH was in a strong upward trend:
24-hour increase: +7.2%
Highest price: $4,579 (10:50 PM Eastern Time on Tuesday)
Annual performance: The increase has exceeded that of Bitcoin.
The driving forces behind the rise include:
Spot ETH ETF capital inflow: Over $1 billion net inflow in a single day on Monday, a record high since its launch.
Institutional Holdings Increase: Companies such as SharpLink Gaming and Bitmine hold a total value of nearly $9 billion in ETH.
On-chain observation: What does selling mean for the market?
The dumping behavior of the Ethereum Foundation is not uncommon in history, usually occurring during price increases, and may have the following interpretations:
Capital management: Convert part of the ETH to stablecoins (DAI) to lock in profits and support the foundation's operations.
Market signals: Large institutions selling off may trigger some traders to be cautious in the short term.
Liquidity Test: Testing Market Support at High Price Levels
It is worth noting that ETH is currently supported by strong capital, and short-term selling pressure may not change the medium-term upward trend.
Conclusion
The Ethereum Foundation sold $12.7 million worth of tokens as ETH reached a new annual high, adding a new perspective to the market. Although this move may trigger short-term volatility, the bullish pattern of ETH has not been broken amid the inflow of ETF funds and the increase in institutional Holdings. Investors need to follow the subsequent on-chain dynamics and the Foundation's Wallet behavior to determine whether this is a short-term profit-taking or a precursor to a larger trend.