Vitalik Buterin and the Ethereum Foundation Sell 749 ETH – Did This Move Spark Ethereum’s Price Dip?

Highlights:

• Ethereum Foundation and Vitalik Buterin have elicited about 749 ETH dumps within a 24-hour interval.
• The token deposits coincided with slight declines in Ethereum price actions.
• Ethereum saw about 3% depreciation in its 24-hour price change variable, with about $2,580 in selling price.

The world’s number one altcoin, Ethereum (ETH), is experiencing a slight dip, evidenced by its market action data across several variables. For context, Ethereum is changing hands at about $2,580, reflecting a 3% decline in the past 24 hours. Interestingly, the price drops coincided with significant Ethereum dumpings by the Ethereum Foundation and Vitalik Buterin.

Renowned on-chain tracker Spotonchain spotted the Ethereum deposits orchestrated by the Ethereum Foundation and the co-founder. According to Spotonchain, the coin dumpings occurred via two transactions, approximately seven hours apart. Buterin triggered the first token shift, involving 649 ETH worth roughly $1.72 million. The most recent transfer entailed 100 ETH valued at approximately $262,474. Notedly, the Ethereum Foundation was responsible for the second transfer.

Complete Details of Ethereum Concerning Transfers

In its post, the on-chain crypto transactions tracker noted that the 649 ETH transfers were a remnant of an initial 1,300 ETH deposit. Part of Spotonchain tweet read thus: “Notably, on September 19, wallet “0x556” received 1,300 ETH ($3.21M) from wallet “0xd04,” which got funded with 70K $ETH by Vitalik Buterin in 2022.”

It is worth noting that the wallet labeled “0x556” is connected with Vitalik Buterin, and it has been dumping ETH for the past eleven days. Per Spotonchain, the wallet dumped all 1,300 ETH to Paxos. The coin deposits occurred at an average selling price of $2,581, with about $3.35 million as the total cost.

Wallet “0x556,” associated with @VitalikButerin, deposited the last 649 $ETH ($1.72M) to #Paxos ~20 hours ago.

Notably, on Sep 19, wallet “0x556” received 1,300 $ETH ($3.21M) from wallet “0xd04,” which got funded with 70K $ETH by Vitalik Buterin in 2022.

Over the past 11 days,… pic.twitter.com/tuRYZKGmiV

— Spot On Chain (@spotonchain) September 30, 2024

As earlier stated, the Ethereum Foundation elicited the most recent transfer involving 100 ETH. Interestingly, the token shift occurred in exchange for DAI stablecoins. Unlike the transactions involving Buterin, this transfer cost $2,624 in average selling price.

In other details for the transfer involving the Ethereum Foundation, Spotonchain revealed that in 2024, the account sold 3,766 ETH worth approximately $10.46 million. The tokens shift happened via CoWSwap with $2,777 as the average selling price. Meanwhile, in September alone, the wallet transferred 1,250 ETH worth $3.06 million, underscoring the massive ETH dumps in September.

The Ethereum Foundation sold another 100 $ETH for 262,474 $DAI about 10 minutes ago!

So far in 2024, the Ethereum Foundation has directly sold 3,766 $ETH for 10.46M $DAI via #CoWSwap at an average price of $2,777. Notably, 1,250 $ETH ($3.06M) has been sold in September alone.… https://t.co/OFQiC42V4t pic.twitter.com/PBgaBxZtjr

— Spot On Chain (@spotonchain) September 30, 2024

Ethereum Market Action Reactions Amid Dumpings

Aside from ETH’s selling price and 24-hour price change, highlighted earlier in this insight, other variables are showing glimpses of slight price drops. For context, Ethereum’s 7-day-to-date price change data witnessed declines of about 3.3%. Within the same timeframe, the token’s minimum and maximum price ranged between $2,566.00 – $2,718.30.

Considering the weekly price extremes, it becomes apparent that Ethereum is gradually heading towards the lower limit. If such happens, it could usher the token into another round of price slumps, with levels around $2,200 as a possible target. Meanwhile, a more extended interval price change variable reflected price spikes, which invariably spews hope. For context, ETH 14-day-to-date and 30-day-to-date price change variables saw about 12.4% and 3.2% in upswings.

On Coincodex, Ethereum’s supply inflation was low at 0.11%, while volatility was high at 5.31%. It is worth noting that the Fear and Greed Index – the variable that mirrors investors’ attitude towards an asset sustained its greed standings. While most variables hint at a promising outlook, ETH sentiment data displayed otherwise, as it read bearish.