The Ethereum Foundation has completed its first Ethereum (ETH) sale of the year amidst a challenging market environment.On Jan. 8, the non-profit organization exchanged 100 ETH for 329,463 DAI. According to on-chain data from Arkham Intelligence, the foundation still holds over $900 million worth of ETH despite these current sales.Meanwhile, data from SpotOnChain reveals an interesting pattern in the foundation’s ETH sales. In 2024, the organization offloaded 4,466 ETH for $12.61 million, achieving an average price of $2,823 per unit. Notably, these sales often occurred ahead of significant market downturns.Ethereum Foundation ETH Sales (Source: SpotOnChain)This latest sale also coincides with a steep decline in Ethereum’s value. Over the past 24 hours, the digital asset’s price tumbled by over 12%, dropping from $3,640 to as low as $3,308 before recovering slightly to $3,338 as of press time, according to CryptoSlate’s data.Meanwhile, this price movement has had significant consequences for traders. According to Coinglass, speculative bets on Ethereum’s price resulted in nearly $100 million in liquidations within the last day.Ethereum Price Liquidation (Source: Coinglass)Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
