The Ethereum Foundation continues active sales in the cryptocurrency market. Over the past three weeks, a significant amount of ETH has been sold.
Ethereum Foundation Sales
Less than an hour ago, the Ethereum Foundation sold another 300 ETH coins, exchanging them for 763,092 DAI stablecoins. This is the equivalent of $707,328 in fiat currency. > "The Ethereum Foundation sold 100 ETH for 226,868 DAI about an hour ago. Note that the Ethereum Foundation has consistently sold ETH in small batches weekly for the past 3 weeks, totaling 650 ETH ($1.51M) at ~$2,323." - Spot On Chain Earlier this month, on September 9, this foundation sold 100 ETH on the market, trading them for 226,868 DAI worth $235,776. Over the past three weeks, this entity has unloaded a total of 650 ETH at an average price of $2,323 - $1.51 million.
Ethereum Market Performance
Today, the second-largest cryptocurrency Ethereum has staged an impressive price increase, adding 4.71% and surging from $2,450 to the $2,565 level. By now, a slight decline has been detected as ETH went down by less than 1% and is changing hands at $2,546. Over the past 24 hours, Ethereum’s growth has constituted 5.72%. Since Wednesday this week, Ethereum has gained a massive 11% rise as it spiked from $2,293 to the level where it is trading at the moment. The large Ethereum price spike was triggered by Bitcoin surging by almost 7% since Wednesday. BTC price jump was fueled by the announcement made during the scheduled FOMC meeting by the Fed Reserve chairman Jerome Powell about the bank opting to take up a dovish stance and cut the annual interest rate by 50 basis points, which is the first interest rate cut in the last four years.
Mike Novogratz's Crypto Bank Buys ETH
Another, on-chain data account, @OnchainDataNerd, has reported that despite Ethereum price showing a staggering increase in the last 24 hours and both Vitalik and the Ethereum Foundation selling ETH, another big entity has been acting the opposite way round. Galaxy Digital, the investment fund founded and spearheaded by Mike Novogratz, purchased 3,500 ETH from the Binance exchange. They bought this crypto for approximately $8.91 million. > "Four hours ago, Galaxy Digital withdrew 3,500 ETH (~$8.91M) from Binance. Just now, they are holding 65,368 ETH (~$166.68M)." - The Data Nerd Galaxy Digital now holds a total of 65,368 ETH evaluated at $166.68 million.
The active sales of Ethereum by the foundation and large purchases by Galaxy Digital indicate diverse strategies among participants in the cryptocurrency market. While some are selling, others see opportunities for investment.
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