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Recently, the price of Ether has been continuously rising, prompting investors to consider whether to hold or cash out. However, the Ethereum Foundation seems to have made its own choice. According to on-chain data, a wallet address associated with the Ethereum Foundation carried out a large-scale sell-off of Ether on the morning of the 13th.
This Wallet Address sold a total of 2,795 Ether in just two hours, with a cashing amount of up to 12.7 million dollars. Specifically, the Address first sold 1,695 Ether at a price of about 4,556 dollars each, obtaining 7.72 million DAI stablecoins. Then, in less than an hour, it dumped another 1,100 Ether at an average price of 4,602 dollars.
It is worth noting that the Wallet Address involved in the large-scale dumping can be traced back to 2017, when it received 20,756 Ether from the main Wallet of the Ethereum Foundation. After this large-scale dumping, the Wallet's Ether balance is only 99.9, valued at approximately $457,700, while holding 11.6 million DAI stablecoins.
This move has attracted widespread attention in the market. Some analysts believe that the Ethereum Foundation's decision to cash out at this time may be based on their judgment of the current market conditions, or it could be to meet certain funding needs. However, this has also raised concerns among some investors, who worry that this may signal an impending market correction.
However, it should be noted that even in the case of a large-scale dumping, the impact of this transaction remains limited in relation to the total market capitalization and daily trading volume of Ethereum. Investors should consider multiple factors when making investment decisions and should not overinterpret a single event.
With the continuous development of the cryptocurrency market, the movements of institutional investors are increasingly attracting attention. This large transaction associated with the Ethereum Foundation's wallet undoubtedly provides a case worth in-depth analysis for the market. Regardless, maintaining rationality and caution in the highly volatile cryptocurrency market is always a wise choice.