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According to the analytics account on the X social media platform @spotonchain, the Ethereum Foundation continues to sell substantial lumps of Ethereum.

Ethereum Foundation dumps more ETH

Less than an hour ago, this entity sold another 300 ETH coins, exchanging them for 763,092 DAI stablecoins. This is the equivalent of $707,328 in fiat.

This is not the first sale made by the foundation this month. As reported by the same X account, on September 9, it dumped 100 ETH on the market, selling them for 226,868 DAI worth $235,776.

In total, over the past three weeks, this entity has unloaded a total of 650 ETH at an average price of $2,323 - $1.51 million.

Ethereum market performance

Today, the second largest cryptocurrency Ethereum has staged an impressive price increase, adding 4.71% and surging from $2,450 to the $2,565 level. By now, a slight decline has been detected as ETH went down by less than 1% and is changing hands at $2,546.

Over the past 24 hours, Ethereum’s growth has constituted 5.72%. Since Wednesday this week, Ethereum has gained a massive 11% rise as it spiked from $2,293 to the level, where it is trading at the moment.

The large Ethereum price spike was triggered by Bitcoin surging by almost 7% since Wednesday. BTC price jump was fueled by the announcement made during the scheduled FOMC meeting by the Fed Reserve chairman Jerome Powell about the bank opting to take up a dovish stance and cut the annual interest rate by 50 basic points. That is the first interest rate cut in the last four years.

As reported by U.Today, on Thursday, Ethereum cofounder Vitalik Buterin also made a large sale as he transferred 1,300 ETH to exchange it for roughly $3.17 million as the price demonstrated a big pump.

Mike Novogratz's crypto bank buys ETH

Another, on-chain data account, @OnchainDataNerd, has reported that despite Ethereum price showing a staggering increase in the last 24 hours and both Vitalik and the Ethereum Foundation selling ETH, another big entity has been acting the opposite way round.

Galaxy Digital, the investment fund founded and spearheaded by former Goldman Sachs partner Mike Novogratz, purchased 3,500 ETH from the Binance exchange. They bought this crypto for approximately $8.91 million.

Galaxy Digital now holds a total of 65,368 ETH evaluated at $166.68 million.