Smart Trader's $34M ETH Purchase amidst Ethereum Foundation's $340k Sale
Smart Trader's Massive Investment
A strategic move was made when a smart money trader acquired 10,364 ETH for $34 million against the backdrop of the Ethereum Foundation's recent $340,000 sale of 100 ETH on November 12. This keen timing occurred during a downturn where Ethereum saw a price drop of over 3%, raising eyebrows among investors.
Ethereum Foundation's Controversial Sales
The Ethereum Foundation's choice to sell 100 ETH coincided with a major purchase by the smart trader, effectively neutralizing potential market fears about the sales. Over the year, the Foundation has offloaded 4,066 ETH, averaging $2,764 each—a stark contrast to the much larger sales seen in other projects like XRP, which often exceeds $100 million monthly.
Current Market Conditions
As of now, ETH trades at $3,231, a 17% increase over the Foundation’s average selling price, showing a resilient market—especially considering the current bearish sentiment. Investors appear eager about upcoming developments, including a new proposal by Justin Drake for redesigning the Ethereum consensus layer.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.