The recent series of transfers made by the Ethereum Foundation to the multisign address “0xbc9” has caught the attention of market watchers, raising concerns about possible volatility in the price of Ethereum.
The recent series of transfers made by the Ethereum Foundation to the multisign address “0xbc9” has caught the attention of market watchers, raising concerns about possible volatility in the price of Ethereum.
In the last transaction reported by Point on the chain, the foundation transferred 1,000 ETH, valued at $3 million, to the aforementioned address. This action is part of a broader trend, as the foundation has already transferred a total of 5,000 ETH to the same address since the beginning of 2024.
What is notable about these transfers is their potential impact on the market. The analysis reveals that a considerable portion of the previously transferred ETH (1,766 ETH) was quickly sold for 4.81 million DAI, averaging $2,725 per ETH. Interestingly, these sales usually coincide with a drop in the price of Ethereum.
In fact, historical data indicates a correlation between Ethereum Foundation sell-offs and downward pressure on the price of ETH. Given that the multi-sign address “0xbc9” currently contains 2,508 ETH, equivalent to $7.51 million, market participants are cautious about the implications for the value of Ethereum.
The current market environment adds to the apprehension, with Ethereum trading below $3,000 per coin and struggling to break above the $3,300 resistance level. As a result, there is speculation that the foundation’s actions could exacerbate the downtrend, potentially leading to a drop in the price of ETH to $2,400.
As the crypto community prepares for what’s to come, all eyes remain glued to the Ethereum price chart, waiting for clues about the top altcoin’s next move.
