The Ethereum Foundation has run away again!
On May 24, on-chain data showed that the Ethereum Foundation once again sold off $510 million worth of ETH, causing the market to shake and drop.
This is not the first time— in 2017 and 2021, the foundation accurately 'timed the top' when ETH prices peaked, and the market subsequently crashed.
May 2024: The foundation transferred 17,000 ETH (approximately $510 million) to an exchange, causing the ETH price to drop immediately.
2017: Sold off when ETH was close to $1,400 (the peak of the bull market), leading to a market halving.
May 2021: Before ETH hit $4,000, the foundation cashed out 30,000 ETH, and shortly after, the market collapsed.
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