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Ethereum Foundation and ETFs put pressure on Ether

Things are slightly down for Ethereum at the moment.

By Finst News
• 2 min read
Ethereum Foundation and ETFs put pressure on Ether

Things are slightly down for Ethereum at the moment. While trading in ETFs is putting pressure on the price, the Ethereum Foundation has also sold off millions in Ether.

Ethereum Spot ETFs, approved for trading in July, initially had high prediction. Now, less than three months later, the euphoria is a lot less. According to recent data is trading in ETFs sharply down. More than half a billion dollars net has disappeared from these products. Grayscale's Ether ETF in particular remains a problem, with nearly $3 billion in withdrawals.

The recent sale of millions in Ether by the Ethereum Foundation has probably not improved the situation. According to data service Spot on Chain, a wallet linked to the Ethereum Foundation transferred 1,250 ETH (worth $3.03 million) to Bitstamp. This transaction is one of the five largest ETH transactions in the past seven years.

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Several weeks ago, a transfer from the Ethereum Foundation already caused confusion.

The price of Ether is currently down two percent from last week. At the time of writing, the price of Ether is $2,435.

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