- ETH wallets sold over 6,000 ETH recently.
- Ethereum Foundation denies involvement in sales.
- Market remains bullish amid institutional accumulation.
The Ethereum Foundation is not responsible for the recent sale of 2,099 ETH from legacy ICO wallets, as clarified by Co-Executive Director Hsiao-Wei Wang. Institutional accumulation supports ETH prices, mitigating market impact.
In recent cryptocurrency activity, wallets associated with Ethereum ICO moved 6,194 ETH over two days, raising speculation about market impacts and the identity of the sellers.
Ethereum ICO Wallet Movements and Market Impact
Recent movements from old Ethereum ICO wallets have led to the sale of 6,194 ETH, including a 2,099 ETH transaction. This activity raised questions regarding ownership, as the Ethereum Foundation denied involvement.
โIt was not the Ethereum Foundationโs operation.โ
Hsiao-Wei Wang of the Ethereum Foundation confirmed sellers are not affiliated with the Foundation, which now holds less than 0.3% of initial ETH. Speculation remains around anonymous wallets initiating these large transactions.
Market Response and Institutional Accumulation
The sale did not visibly impact Ethereumโs value, which remains near its all-time high. Whale and institutional accumulation continue to offset concerns over ICO wallet sales. Ethereumโs market sentiment remains bullish despite these movements.
Institutions like Bit Digital are reallocating assets to Ethereum, enhancing ETHโs market stability. This reflects positive institutional confidence in Ethereumโs future. However, experts caution that market volatility could rise if old ICO wallets continue selling.
Long-term Implications and Market Stability
Past ICO wallet sales have only triggered temporary Ethereum market volatility. Institutional interest has usually absorbed such impacts, aiding market stability. Ethereumโs price movements and positive sentiment suggest continued resilience.
Experts foresee potential financial implications and regulatory vigilance due to these transactions. Market watchers are vigilant for possible supply shocks or volatility amid ongoing whale interest and institutional acquisitions keeping support intact around current price levels.
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