- Ethereum Foundation sells $12.7M in ETH amid market surge.
- Ether price hits yearly high as institutional demand strengthens.
- Spot ETH ETFs record $1B inflows, fueling bullish momentum.
According to onchain analytics provider Lookonchain, the Ethereum Foundation has sold 2,795 ETH worth about $12.7 million during a sharp upswing in the market. The action followed the ETH price surging beyond $4,500 to its highest level of the year to date and drawing more investor interest.
The transactions were made through a wallet associated with the foundation, “0xF39… E4B.” Just after 10 p.m. Tuesday, it sold 1,695 ETH at an average of about $4,556 to get 7.72 million DAI, and an hour later, it sold another 1,100 ETH at $4,602. These trades made a big dent in the wallet holdings, and this indicated the foundation’s change of stance as the prices surged.
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Foundation Holdings Shifts as Market Rallies
The wallet originally received 20,756 ETH from the âEF 1â address in 2017. After the latest sales, it now holds just 99.9 ETH valued at about $457,681, alongside 11.6 million DAI.
This sharp reduction in ETH holdings came at a time when the asset gained 7.2% in 24 hours, reaching $4,579 by late Tuesday, and outperforming Bitcoin in year-to-date growth.
Institutional Flows Strengthen Price Momentum
Strong institutional activity has reinforced Ether’s surge. SharpLink Gaming and Bitmine’s corporate treasuries, among others, now hold approximately $9 billion worth of ETH, indicating further future interest. Meanwhile, exchange-traded funds tracking spot Ethereum had net inflows of more than $1 billion on Monday, the biggest since the funds started trading last year.
Expanding institutional interest has been instrumental in driving prices up, which has been conducive to large holders such as the Ethereum Foundation reaping profits.
The Ethereum Foundation’s sale of ETH at a price of $12.7 million is considered strategic profit-taking during times of robust institutional inflows and new price highs. The foundation has slashed its holdings, but market sentiment is strongly bullish, and Ether continues to outperform Bitcoin this year.
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