Ethereum Foundation sells 300 ETH as price hits $2.5k

The Ethereum Foundation has sold a total of 950 ETH worth over $2.2 million in the past three weeks
On September 20, the non-profit sold 300 ETH for over $760,000 as Ethereum’s price rose to above $2,500

The Ethereum Foundation has once again dumped more Ether tokens, this time offloading 300 ETH worth more than $760,000.

According to on-chain data, the foundation sold the 300 ETH for an average of $2,543 – which is a level that is 5% up on intraday lows of $2,440.

In recent days, the organization had stopped its selling spree. Before the brief lull, the Ethereum Foundation had become one of the top ETH holders to dump as prices stalled. But on September 20, the dump resumed.

Ethereum Foundation has sold Ether every four to seven days

On September 6, the Ethereum Foundation sold 100 ETH for $226,868. It’s a sale that brought the foundation’s increased selling across three weeks to 650 ETH, with these valued at about $1.5 million.

According to Spot On Chain, a on-chain insights platform, the non-profit organization has sold 950 ETH since the start of September. These sales amount to over $2.2 million, with the average sale price being $2,392.

The Ethereum Foundation has sold the native Ethereum token every four to seven, on-chain data shows.

The Ethereum Foundation has sold $ETH… again!

In the past 20 minutes, they sold another 300 $ETH for 763,092 $DAI.

Overall, since the beginning of September, the Ethereum Foundation has sold 950 $ETH ($2.27M) at an average price of $2,392, with sales occurring every 4-7 days.… https://t.co/tnF0vK1zgs pic.twitter.com/jloNPcoHqZ

— Spot On Chain (@spotonchain) September 20, 2024

In May 2024, the Ethereum Foundation sold 1,000 ETH for over $3 million, with year-to-date totals at the time reaching 1,766 ETH sold for over $4.8 million.

The latest dump comes after Ethereum’s price surged from under $2,200 levels reached earlier this month.

At the time of writing, ETH traded around $2,552, roughly 5% up in the past 24 hours and +8.5% in the past week.

These gains have come as Bitcoin’s price surged to above $63,000 after this week’s Fed moved to cut interest rate by 0.5%.

Earlier, CoinJournal highlighted that five Satoshi era Bitcoin wallets that had been dormant for 15 years, woke up and transferred 250 BTC.