A wallet associated with the Ethereum Foundation recently sold a substantial amount of Ether (ETH). Data from Lookonchain shows that this wallet has liquidated approximately $33.25 million worth of ETH over the past three days. This comes after the wallet purchased $40.2 million in ETH during June 2022, suggesting a strategic trading approach to capitalize on market peaks.
A recent sale from an Ethereum whale wallet involved selling 7,294 ETH, totaling $33.25 million. This sale is significant as it follows the wallet’s previous purchase of up to $40.2 million in ETH back in June 2022, a time when the cryptocurrency was trading at low levels around $1,193.
The pattern of buying and selling raises concerns about its potential impact on future market performance. The wallet strategically accumulated ETH during the market downturn in 2022, then sold at market peaks to secure substantial profits.
This recent move comes as Ethereum’s price approaches its all-time high ($4,457.45) and could significantly affect the overall market trajectory.