Home Business The Ethereum Foundation is selling $30 million worth of Ether

The Ethereum Foundation is selling $30 million worth of Ether

The Ethereum Foundation is selling $30 million worth of Ether

It seems that the Ethereum Foundation has once again decided to sell a large amount of Ether. On May 6 sent namely about $ 30 million worth of Ethereum to the crypto exchange Kraken. That same day, the price of Ether fell by 4.8 percent to $ 1,900.

The price is now even at $ 1,869 and the market is currently struggling again. Can we expect more drops?

Not a good history

In any case, the Ethereum Foundation does not have a good history with its sales. That proved to be the case last time, when a major sale of the foundation turned out to herald a new bear market. Would that be the case again this time? That chance seems small, because we just had a bear market.

On the other hand, macroeconomic conditions are currently anything but in favor of Bitcoin, crypto and the financial markets in general. Central banks seem to want to hold on to high interest rates as long as possible in order to bring inflation under control.

At the time of writing, interest rates in the United States are above 5 percent, up from 0 percent just over a year ago. In this respect, some weakness in the economy and on the financial markets cannot be completely ruled out.

Ethereum at the exchanges is falling

Despite the fact that the Ethereum Foundation sent $30 million worth of Ethers to Kraken, the number of coins on the exchanges fell. In principle, this is a good sign, because a lower amount of Ethereum on the exchanges means that there is less available for free sale.

The less there is available for open sale, the less demand is needed to move the price in a positive way. Only on Kraken did the number of Ethers increase from 1.83 to 1.84 million.

All in all, the number of Ethers at the exchanges has still fallen. In total, there are now 18.15 million Ethereum on the exchanges, while there were 18.22 million before. Together, those coins are worth about $34 billion.

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