The Ethereum Foundation has continued its regular ETH sales, offloading another 100 ETH for 252,939 DAI just 30 minutes ago, taking advantage of today’s price rebound.
This sale is part of a broader strategy by the Foundation, which has been consistently selling small portions of ETH weekly since early September. To date, they have sold a total of 1,450 ETH, worth approximately $3.57 million, at an average price of $2,459.
The Ethereum Foundation sold another 100 $ETH for 252,939 $DAI ~30 minutes ago as the price rebounded today!
Note that they have been consistently selling small batches of $ETH every week since the start of September, totaling 1,450 $ETH for $3.57M so far at an average price of… https://t.co/236sQEhKkB pic.twitter.com/MeC1rYD5KP
— Spot On Chain (@spotonchain) October 15, 2024
In another notable development, the whale account myparagon.eth liquidated the last of its holdings, selling 4,802 ETH for $12.56 million just 40 minutes ago. This marked a profitable exit for the trader, who made an impressive $2.8 million profit in just 38 days.
myparagon.eth sold all the remaining 4,802 $ETH($12.56M) 40 mins ago, making a profit of ~$2.8M in 38 days!
He bought 9,050 $ETH($20.75M) at ~$2,293 on Sept 7 and Sept 9.
Then he sold all $ETH at ~$2,598 on Sept 30, Oct 2, and Oct 15, making ~$2.8M.https://t.co/XFRkut6fb4 pic.twitter.com/jfBt8h8d0Q
— Lookonchain (@lookonchain) October 15, 2024
Myparagon.eth originally bought 9,050 ETH for $20.75 million on September 7 and September 9, paying around $2,293 per ETH.
Over the following weeks, the whale gradually sold off the holdings, capitalizing on price gains by selling at approximately $2,598 per ETH in three batches on September 30, October 2, and October 15.
Ethereum Spot ETFs Saw Net Inflows Indicating Growing Interest
Meanwhile, Ethereum’s spot ETFs have also seen some notable activity. On October 14, the total net inflow into Ethereum spot ETFs reached $17.07 million, indicating growing interest in ETH among institutional investors.
On October 14, the total net inflow of Bitcoin spot ETFs reached $556 million. The inflow of Fidelity ETF FBTC was $239 million, and the inflow of Bitwise ETF BITB was $100 million. The total net inflow of Ethereum spot ETF was $17.0656 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) October 15, 2024
As Ethereum’s price continues to fluctuate, these recent sales by both the Ethereum Foundation and large traders highlight ongoing strategic moves in the market, with traders positioning themselves for potential gains amidst the current volatility.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch
