Ethereum

Aave

Foundation

Tornado Cash

Tornado

<ul>
  
 <li>Ethereum Foundation and Vitalik Buterin wallets have been steadily selling ETH, contributing to market pressure and bearish sentiment.&nbsp;</li>   
 <li>A whale offloaded 28,554 ETH worth $64.4M to clear Aave debts, marking a $17M loss and intensifying Ethereum's downward trend.</li>   
 <li>Crypto hacks have added to the pressure, as hackers continue sending large amounts of ETH to Tornado Cash, worsening market conditions.</li> 
</ul>   
<p>Recently, the prices of ETH have been under a lot of pressure because the Ethereum Foundation has been increasing&nbsp; sales of the cryptocurrency. Large volumes of ETH have been sold from wallets <a href="https://cryptonewsland.com/vitalik-buterin-moves-2m-in-ethereum-market-reactions-and-potential-impact/" target="_blank" rel="noreferrer noopener">associated</a> with co-founder Vitalik Buterin and the Ethereum Foundation during the last few weeks.&nbsp;</p>   
<p>Consequently, investor anxiety has increased as a result of this. The price of ETH fell to $2,150 last week before marginally rising again, but selling pressure is still there. According to Arkham Intelligence's most recent data, the Foundation's wallet has transferred a sizable quantity of ETH over the past few hours.</p>   
<h2 class="wp-block-heading" id="h-vitalik-buterin-s-wallets-contribute-to-sell-off"><strong>Vitalik Buterin’s Wallets Contribute to Sell-Off</strong></h2>   
<p>Notably, wallets linked to Vitalik Buterin have also been actively selling off ETH holdings, which has increased selling pressure. Spot On Chain data reveals that a multi-signature wallet that received large transfers from Buterin has been selling its Ethereum holdings on a regular basis.</p>   
<p>Following two transactions on August 9 and August 30, the wallet received 3,800 ETH, or almost $10 million, and has been progressively lowering its holdings ever since. Despite Buterin's denial of any <a href="https://cryptonewsland.com/vitalik-buterin-addresses-eth-holdings-decline-and-clarifies-sale-allegations/" target="_blank" rel="noreferrer noopener">dumping</a> rumours, the data indicates consistent withdrawals from the wallets he is associated with.</p>   
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<p>Additionally, with an average price of $2,414 per ETH, the wallet has sold 760 ETH for $1.83 million in USDC as of now. The most recent sale, which took place 21 hours ago, is a continuation of the downward trend in Ethereum reserves. When combined with Foundation sales, this continued activity may provide investors who are bearish with the upper hand.</p>   
<h2 class="wp-block-heading" id="h-market-sentiment-turns-bearish-amid-whale-activity"><strong>Market Sentiment Turns Bearish Amid Whale Activity</strong></h2>   
<p>Notably, ethereum whales have also added to the pressure on the market in the interim. A whale sold about 28,554 Ethereum worth $64.4 million on September 7. The purpose of this sale was to pay off outstanding Aave platform debts.&nbsp;</p>   
<p>Additionally, over $17 million was lost by a whale, who had amassed about 30,500 ETH at an average price of $2,850 between December 2023 and July 2024. Analysts think that these whale sell-offs are escalating the downward trend for ETH and contributing to the market's general pessimism.</p>   
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   https://twitter.com/ali_charts/status/1832756809494376764 
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<p>Furthermore, other significant participants in the cryptocurrency market, like Metalpha, have kept selling their ETH holdings. Metalpha sent $23 million worth of 10,000 Ethereum to Binance just an hour ago.&nbsp;</p>   
<p>The company has deposited 23,589 ETH in total over the last three days, which is approximately $54.1 million. This has had an additional effect on the market.</p>   
<h2 class="wp-block-heading" id="h-crypto-hacks-and-eth-sent-to-tornado-cash"><strong>Crypto Hacks and ETH Sent to Tornado Cash</strong></h2>   
<p>Apart from the ongoing divestitures by significant entities, the price of ETH has also been subject to pressure from cybercriminals. The amount of ETH that a number of criminals&nbsp; have sent to Tornado Cash has <a href="https://cryptonewsland.com/wazirx-hacker-moves-6-5m-in-ethereum-to-tornado-cash-sparking-fears/" target="_blank" rel="noreferrer noopener">increased</a> the general bearishness of the market sentiment. The confluence of these occurrences has made Ethereum's current phase challenging, and the direction of its price is still unknown.</p>   
<p>As of the time of writing, Ethereum has a market capitalization of $275 billion and is trading at $2,326. The price may drop below $2,000 if the sell-offs continue, which would further rattle the market.</p> 
<p>The post <a href="https://cryptonewsland.com/ethereum-foundation-and-vitalik-buterin-wallets-intensify-eth-selling-pressure/">Ethereum Foundation and Vitalik Buterin Wallets Intensify ETH Selling Pressure</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Ethereum Foundation and Vitalik Buterin Wallets Intensify ETH Selling Pressure

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