The Ethereum Foundation’s recent series of transfers to the multisign address “0xbc9” has drawn market observers’ attention. Spot On Chain reports the foundation recently moved 1,000 ETH, valued at $3 million, to this address. Since the start of 2024, it has transferred 5,000 ETH in total to this location. These transactions could impact the market, […]
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- Market instability rises as Ethereum Foundation sells ETH.
- ETH price hovers around $3,000 after recent foundation sales.
- Indicators hint at a potential bullish reversal amid ETH uncertainty.
The Ethereum Foundation’s recent series of transfers to the multisign address “0xbc9” has drawn market observers’ attention. Spot On Chain reports the foundation recently moved 1,000 ETH, valued at $3 million, to this address. Since the start of 2024, it has transferred 5,000 ETH in total to this location.
These transactions could impact the market, as previous trends suggest. Of the ETH moved previously to this address, 1,766 ETH have been sold for 4.81 million DAI, averaging $2,725 per ETH. According to analysis, the foundation’s actions often align with drops in Ethereum’s price.
In/Out flow (Source: Spot On Chain)
Presently, the multisign address “0xbc9” holds 2,508 ETH, or $7.51 million. Given the foundation’s sales history and their effect on Ethereum’s value, market participants are closely monitoring the situation.
Analysts suggest that the correlation between the Ethereum Foundation’s activity and the market fluctuations could indicat…
The post Ethereum’s ETH Reacts to Foundation Sales Amid Potential Rebound appeared first on Coin Edition.
