Despite October being widely known as a bullish month for cryptocurrency, EthereumThe price of is under bearish pressure due to the recent market crash. As ETH continues to struggle to regain upward momentum, Ethereum's co-founder has reportedly offloaded massive amounts of ETH.
Vitalik Buterin Sells Major Ethereum
Ethereum's bearish price action is strengthening and selling activity appears to be increasing simultaneously at both retail and institutional levels. Vitalik ButerinThe founder of Ethereum joined the ongoing wave of ETH selling by dumping a significant amount of altcoins in one day.
At X Post shared According to cryptocurrency enthusiast and DeFi researcher OxNobler, Vitalik Buterin dumped more than 160,000 ETH worth $650 million on Tuesday alone. After a significant ETH selloff, the ETH founder sent shockwaves through the cryptocurrency market.
Typically, when a large-scale dump of this kind is carried out, it raises widespread speculation about the motivation and impact of the move. ETH price trajectory. Given the general market volatility and wavering investor attitudes, this sudden sell-off comes at a critical moment for the major network.
Whether these movements signal strategic portfolio management, market caution, or a shift in internal sentiment. Ethereum Leadership The circle is still a bone of contention. Meanwhile, the massive sell-off adds new interest to ETH’s market dynamics.
Steady decline in strategic ETH reserves
The continued significant sales turmoil is also reflected in a steady decline. Ethereum Foundationof strategic ETH holdings. The continued decline in strategic ETH reserves signals a significant change in the way organizations handle their assets and financial strategies.
On-chain data on Tuesday exposed The foundation sold 2,400 ETH worth about $9.3 million, or about 0.18% of the total supply of the altcoin. this latest sale It's one of many things that have been going on over the past five months.
According to Crypto Patel's report, the foundation sold a whopping 45,000 ETH worth $175 million within the period. The cryptocurrency community is debating whether the steady outflow from the foundation's wallets is due to greater market positioning, ecosystem reinvestment, or operational financial requirements.
Strategy from May of this year ETH reserves The foundation's total holdings are 265,400 ETH. Current reserves have been reduced to 220,350 ETH and over 45,000 ETH has been sold. While CT was chanting “ETH to $10,000,” the foundation went on a selling spree. “Do they know something we don’t, or do they just know the cost of operations?” Crypto Patel asked a question.
At the time of writing, ETH price is trading at $3,867, showing an increase of 0.46% in the last 24 hours. Despite the decline, investors are reacting positively to ETH. This is because trading volume increased by more than 31% during the same period.
Featured image from Pixabay, chart from Tradingview.com
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