Ethereum Foundation’s Sale Raises Red Flags
On October 9, 2023, blockchain analytics platform Scopescan reported that the Ethereum Foundation sold 1,700 ETH, equivalent to approximately $2.76 million, for USDC. The transaction was confirmed by the Ethereum Foundation’s address 0x9ee457023bb3de16d51a003a247baead7fce313d. This sale has raised concerns about the financial outlook for Ethereum, as it may be interpreted as a lack of confidence in the asset’s future performance.
Community Speculation and Crypto KOL’s Pessimism
The sale has led to heightened speculation within the crypto community. Twitter user BignoseGosu.eth questioned the Ethereum Foundation’s motives, receiving a tongue-in-cheek reply from Scopescan: “Cause they gotta eat?” Adding to the negative sentiment, a Twitter crypto trading Key Opinion Leader (KOL) expressed pessimistic views about Ethereum, further signaling potential price downturns.
Mike Alfred, a crypto…
