Ethereum Foundation Continues Sell-Off As Institutions Turn Bearish On ETH Price
Ethereum Foundation has once again raised investor concerns globally, selling 200 ETH on Monday. On-chain data revealed that the selloff took place via two transactions, raising eyebrows among market watchers as the coin currently rides bearish waves in the broader industry.
Market stats reveal that Ethereum outflows continue to surge despite recent macroeconomic events jacking up risk assets. Traders and investors speculate over what lies ahead for the second-largest cryptocurrency by market cap.
Ethereum Foundation Dumps 200 ETH Raising Bearish Market Concerns
According to Etherscan data on September 23, Ethereum Foundation sold 200 ETH for 527,989 DAI today. This massive selloff brought ETH sales in September to a total of 1,150 ETH, worth $2.8 million.
Notably, the organization has been recorded selling ETH on a regular basis for the past few days. As per the data, the last sale was reported to be just three days ago. The wallet address linked to the organization was registered as ‘0xd77.’ Primarily, the selloff amid a volatile Ethereum market has sparked investor concerns globally.
CoinShares data illustrated that Ethereum recorded weekly outflows of $28.5 million despite the Fed’s 50bps rate cut last week. Further, month-to-date outflows totaled $145.7 million, solidifying investor skepticism around the asset.
Conversely, it’s noteworthy that BTC saw $284 million weekly inflows and $76 million inflows month-to-date. This data indicates that institutions remain bearish on the ETH market despite macroeconomic events offering support to risk assets.
ETH Price Performance Today
Meanwhile, the coin has defied bearish market sentiments despite the abovementioned selloff, trading in the green today. At press time, Ethereum (ETH) price traded at $2,635, up 2% in the past 24 hours. The coin’s intraday low and high were recorded as $2,528.52 and $2,685.68, respectively.
Intriguingly, Coinglass data indicated a slight 0.69% jump in ETH’s futures open interest to $12.09 billion today. Moreover, the derivatives volume surged 77.12% to $28.37 billion, sparking contrasting sentiments over the asset’s future movements.
Nevertheless, a recent Ethereum price analysis by CoinGape Media reveals that the coin struggles to gain a significant upside action as supply on exchanges grows amid the Ethereum Foundation’s continued selling. Further, the coin remains primed to face intense selling pressure at the $2,800 level, presenting another hurdle. Crypto market participants continue to speculate about ETH’s future price action in light of recent market events.
The post Ethereum Foundation Continues Sell-Off As Institutions Turn Bearish On ETH Price appeared first on CoinGape.
