A wallet linked to the Ethereum Foundation sold ETH worth around $6.42 million on October 26, according to Lookonchain. The sale revived criticism from an analyst who wants the ecosystem to do more to support the token's value.
Lookonchain disclosed that a wallet linked to the Ethereum Foundation offloaded 2,785 units for around $6.42 million on October 26. The reports appear to have weighed on investor sentiment, and ETH's Fear and Greed Index moved deeper into fear territory.
The leading altcoin had already been under pressure, and the renewed selling could further weaken its position.
Last suspected sale followed a 9% drop
Lookonchain noted that the last suspected sale of that type came two weeks earlier and was followed by a 9% price decline. At the time, two wallets tied to the foundation deposited $11.13 million worth of ETH into Kraken, a move often seen as a pre-sale step.
Lookonchain also said another early Ethereum investor dumped 1,500 units, equal to approximately $3.46 million, after nine years of inactivity. That investor bought 100,000 ETH for only $31,000 in the 2015 ICO and still holds 48,500 ETH, about $112.7 million.
Analyst calls for buybacks
X user Ted called the sales "incredibly frustrating" while reaffirming his support for ETH. He asked why investors constantly sell the asset instead of doing more to increase its value.
Ted urged the ecosystem to think seriously about buybacks and to create stronger incentives for Layer 2 networks to accumulate and buy back ETH. He also called for improving how ETH captures value.
Maelstrom CIO Arthur Hayes added to the recent selling. CryptoPotato reported that he dumped about $22.28 million worth of altcoins, including 6,400 ETH, roughly $15.2 million.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
