The on-chain data analysis company found that the Ethereum Foundation sold 1,700 ETH through Uniswap on October 9 in exchange for 2.74 million USDC. Currently, the transaction wallet has approximately US$3.7 million worth of cryptocurrencies remaining, including ETH, DAI and other assets. , the official has not yet shared why 1,700 ETH was sold. Some analysts pointed out that this was just a routine ETH foundation fundraising operation. ETH needs to be sold in exchange for cash to cover daily expenses, team salaries, project development and other expenses.

In addition, Arkham on-chain analysis company also revealed that Vitalik transferred nearly 3,900 ETH to the exchange Bitstamp in the past five weeks, worth approximately US$6.4 million. The most recent transaction on October 7 pointed to the fact that these ETH may have been sold off, which is worth noting. This wallet address still holds 360,000 ETH, worth $57 million.

The official selling behavior caused some panic in the community. In addition, some analysts believe that it is the reason for the recent ebb of the Ethereum futures ETF. Since its launch, it has only raised less than 10 million US dollars, causing the short-term growth premium to disappear, and the price of Ethereum has therefore declined. A more significant decline occurred, with the daily decline reaching 3.5%, and the price falling to $1,580.

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