The Ethereum Foundation sold Ethereum again in the afternoon of October 9, exchanging 1,700 ETH for 2.76 million USDC through Uniswap, causing panic in the market. In the past, the Ethereum Foundation often sold at relatively high points and was called the "Master of Escape" by some communities. This transaction was even more rare in that it was traded directly on Uniswap. A 100% clear selling trend can be seen on the chain, which is different from the past method of transferring to centralized exchanges. There is currently no more information on the purpose of the Ethereum Foundation's sale.
Judging from several historical cases, the Ethereum Foundation will definitely take action at the top:
On May 17, 2021, the Ethereum Foundation address (0x de 0 B 2) transferred 35,053 ETH to the address starting with 0x 5 A 70 c 5 at 15:47 on the same day, and transferred it to the Kraken trading platform 1 minute later. It was worth about US$115 million at the time.
On November 10, 2021, Bitcoin and Ethereum jointly set all-time highs. At 22:56 on the same day, the Ethereum Foundation transferred 20,000 ETH (approximately US$90 million) to the Kraken trading platform.
On May 6, 2023, the Ethereum Foundation has transferred 15,000 ETH (worth approximately US$30 million) from the "0x d 864" address to the address marked "Kraken 5" on the chain.
The Ethereum Foundation is definitely a top player in this industry, with extensive connections and a keen sense of smell, not to mention selling coins for real money, so the timing of the Ethereum Foundation's coin sales should be taken seriously.
Vitalik has also transferred and sold ETH many times recently.
Just a few days ago, Ethereum founder Vitalik Buterin also transferred 1,000 ETH (about $1.61 million), which seemed to be transferred to Bitstamp. However, it is worth noting that according to Lookonchain's monitoring data, Vitalik Buterin has transferred more than 4,400 ETH in the past two months. This may be related to the instability of the market, which has attracted much attention to Vitalik's actions, who has always kept a low profile in the past.
Meanwhile, Ethereum has recently been facing development delays. The Cancun upgrade, originally scheduled for October this year, has lagged behind schedule, and the community at the recent developer conference agreed to postpone the launch of Devnet-9. According to the original plan, to successfully upgrade the Cancun upgrade (Dencun), it is necessary to at least advance the progress to the launch phase of the tenth Devnet-10 network, so the upgrade progress seems to be a long way off.
As the saying goes, a duck knows first when the river water warms in spring. The shipment of the Ethereum Foundation will inevitably cause panic in the market. This is also expected. From the market point of view, Mr. Dan has recently led his friends to short OP, TRB, BNB and other altcoins. Here, it is recommended to wait and see in the spot market, and do not trade against Mr. Dan!
