Ethereum Foundation Continues ETH Sales Every 11 Days Amid Criticism

Ethereum Foundation's Frequent ETH Sales

The Ethereum Foundation continues to face criticism for its regular sales of ETH, which some argue increases selling pressure on the digital asset. In the past 24 hours, the Foundation sold 300 ETH, valued at approximately $763,000. This sale is part of a month-long trend of consistent ETH liquidations by the Foundation.

ETH Sold by the Ethereum Foundation in 2024

• Since the beginning of the month, the Foundation has sold 950 ETH, worth about $2.27 million.
• These sales occur every four to seven days.
• Since the start of the year, the Foundation has sold 3,466 ETH, valued at roughly $9.67 million.

According to Lookonchain, these liquidations amount to $421,000 in ETH every 11 days, excluding the lump transfer of 35,000 ETH worth about $100 million to the Kraken exchange in August.

Community Reactions to ETH Sales

This frequent selling has concerned some community members. Joe Nakamoto, an independent Bitcoin journalist, noted that Ethereum supporters would find the Foundation's ongoing sales troubling. However, not everyone shares this view.

Justin Drake, a researcher at the Ethereum Foundation, believes these sales are beneficial for the network. In an interview with Colin Wu, Drake explained how reducing the Foundation's ETH holdings promotes the long-term decentralization of the blockchain network.