Ethereum

2024

Bitcoin

Impact

Foundation

<ul class="wp-block-list">
 <li>The Ethereum Foundation's recent ETH sales have fueled negative sentiment, impacting Ethereum's price recovery.</li>  
 <li>While Ethereum ETFs face $550 million in outflows, Bitcoin ETFs see strong inflows, highlighting a growing demand disparity.</li>  
 <li>Despite a recent 8% drop in ETH price, the community holds hope for EIP 7781's potential to spark a future recovery.</li> 
</ul>  
<p>The Ethereum Foundation has been selling a sizable quantity of ETH, which has reduced expectations for Ethereum's 2024 price increase. On October 7, 1,250 ETH, or $3.03 million, were put into Bitstamp via a wallet connected to the Foundation. This movement is in line with the sales of more than 45,000 ETH made since September by a major <a href="https://icodrops.com/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum ICO </a>participant.</p>  
<p>The sell-off has only added to the negative sentiment about Ethereum underperforming against Bitcoin. Ethereum ETFs have had significant outflows at a time when the demand is growing in Bitcoin ETFs.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/lookonchain/status/1843581418456383717
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<h2 class="wp-block-heading" id="h-ethereum-sell-offs-continue-to-weigh-down-sentiment">Ethereum Sell-Offs Continue to Weigh Down Sentiment</h2>  
<p>In recent months, the Ethereum Foundation and other important players have increased their ETH sales. The Foundation has made $10.46 million from the sale of 3,766 ETH since September. Additionally, a whale that had 150,000 Ethereum during the ICO sold 45,000 of the tokens, bringing in $113.2 million. The price of ETH has struggled to rebound due to the additional pressure these sales have placed on it.</p>  
<p>Moreover, the recent $550 million withdrawals from Ethereum ETFs demonstrate the widening gap in the market demand for Ethereum and Bitcoin. Over $235 million in inflows have been made into Bitcoin ETFs in a single day, bringing the total inflows since January to $18.7 billion.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/lookonchain/status/1841658980130816280
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</figure>  
<h2 class="wp-block-heading" id="h-eth-underperforms-despite-market-conditions">ETH Underperforms Despite Market Conditions</h2>  
<p>Although there was a brief bounce following the <a href="https://cryptonewsland.com/bofa-predicts-that-the-fed-will-lower-interest-rates-by-25-basis-points-next-week/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve's 50 basis point rate</a> decrease, positive US jobs figures have dashed expectations of another rate cut this year. As a result, Ethereum's price has experienced more corrections than Bitcoin's, dropping by around 8% over the last week.</p>  
<p>Furthermore, the Ethereum community is still optimistic about the long-term effects of the impending EIP 7781 proposal, even though ETH is down 0.92% to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">$2,433.55</a>. This plan might give Ethereum the impetus it needs for a future price rebound, along with any changes in the market.</p> 
<p>The post <a href="https://cryptonewsland.com/ethereum-foundation-and-whale-sell-off-impact-on-eth-price-and-etfs/" rel="noopener noreferrer nofollow">Ethereum Foundation and Whale Sell-Off: Impact on ETH Price and ETFs</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ethereum Foundation and Whale Sell-Off: Impact on ETH Price and ETFs

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