The Ethereum Foundation and co-founder Vitalik Buterin sold a combined 749 ETH ($1.98 million) in the past 24 hours as their liquidation spree intensified.
According to on-chain data sourced by Lookonchain, the Ethereum Foundation liquidated 100 ETH today, valued at $262,474. The transaction, which happened at 9:41 AM (UTC), saw the address tied to the firm sell ETH for DAI stablecoin at an average price of $2,624 per token.
Further analysis shows that the Ethereum Foundation ramped up sales in September, selling a total of 3,766 ($10.46 million) during the month. For instance, the Foundation traded 100 ETH for $264,000 DAI at an average price of $2,640 per ETH seven days ago.
The asset liquidation came less than three days after selling 300 ETH ($763,000). An earlier report showed that the Foundation converted the ETH to DAI stablecoin at an average price of $2,543 on September 21.
Vitalik Buterin Sends 649 ETH ($1.72M)
The Ethereum Foundation’s sales today preceded 649 ETH liquidation from co-founder Vitalik Buterin. Data shows that a wallet tied to Buterin sent $1.7 million worth of Ethereum to Paxos on September 29 by 7:13 AM (UTC).
The address “0x5567” received 1,300 ETH ($3.35 million) from an address funded by Buterin in 2022. Notably, the wallet received the assets on September 19 and has slowly sent all of them to Paxos at an average price of $2,581.
Despite claiming all his sales were strictly for charity, Buterin has received criticism for his incessant Ethereum liquidation. The co-founder has seen increased on-chain activities recently, selling 950 ETH ($2.28 million) on September 12 and sending the proceeds to the Aave Protocol.
Ethereum Consolidates
Meanwhile, the sales today correlated with a broader market correction. Ethereum has dropped over 1% in the past 24 hours to $2,613 and is down 3.5% from last week’s high of $2.718.
Although related to a broader market consolidation, selling pressure from Ethereum whales may have played a factor in the downturn of the asset. Aside from the Ethereum Foundation and Buterin, Ethereum ICO participants have also recently dumped the asset.
However, bulls have remained optimistic about Ethereum’s uptick potential. Julien Bittel, the head of macro research at Global Macro Investor, has tipped ETH to surge almost 1,000% to $20,000 by January 2025.
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