Ethereum Foundation Sales Grab Headlines, but the Real ETH Selling Is 87x Bigger
A wallet linked to the Ethereum Foundation sold 2,000 ETH worth $3.87 million on Friday, totaling 6,785 ETH sold since October 26.
The wallet now holds about 11,000 ETH, worth roughly $21.3 million at current prices. Lookonchain tied recent Foundation-linked sales to fresh ETH drops. However, ETF data points to a much larger seller affecting the market.
ETF Outflows Dwarf Foundation Sales
SoSoValue data shows US spot Ethereum ETFs recorded $695.9 million in net outflows in November so far. The Foundation's sales of 4,000 ETH this month are worth about $8.03 million, making ETF outflows roughly 87 times larger. The funds have seen outflows in 7 of 8 trading sessions this month.
Their total net assets fell from $13.22 billion on October 30 to $11.65 billion by November 11, continuing six straight weeks of outflows.
ETH Price Tests August Breakout Level
ETH's price has fallen to $1,939, down 5.17% over the past 24 hours. This brings ETH to levels not seen since August 18, when it closed at $1,917.85 before breaking out above $2,500.
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