The Ethereum Foundation has announced a planned sale of 10,000 ETH, drawing attention from the crypto community.
Overview of the ETH Sale
On September 2, the Ethereum Foundation announced on X its plans to sell 10,000 ETH, worth approximately $43 million at current prices. The sale will occur over the coming weeks through centralized exchanges.
Reasons and Use of Proceeds
According to the Foundation, proceeds from the sale will be allocated to research, development, community grants, and charitable donations. This sale is part of a structured treasury framework introduced by the Foundation in June, which involves annual spending limits and scheduled conversions of ETH into fiat every three months.
Current ETH Market Status
Amid recent market fluctuations, the price of ETH stayed around $4,316, down 1.4% for the day, with a weekly decline of 6.2%. However, there are indications that institutional and whale interest in ETH continues, which may mitigate the impact of the planned sale.
In conclusion, the forthcoming sale of 10,000 ETH by the Ethereum Foundation aims to finance various initiatives and may not significantly impact the market, especially if demand from institutions and large holders persists.
