On January 22, 2024, at approximately 15:54-16:05 UTC, the Ethereum Foundation executed two transactions, selling a total of 700 ETH for approximately $1.684 million in the form of the stablecoin DAI. These transactions took place through two addresses, 0xbc9 and 0xd77, with an average sell price of $2,404 per ETH.

Over the past six days, the Foundation has sold a total of 1,500 ETH for approximately $3.621 million in DAI stablecoin. Prior to that, 800 ETH were sold for $1.937 million DAI, with an average sell price of $2,422 per ETH.

These transactions, which were executed through two addresses (0xbc9 and 0xd77), have raised concerns about the potential for market manipulation and the Foundation's long-term plans for its ETH holdings.

** Following this news, ETH is down 4% and is currently trading below $2,400, in line with the overall market downturn today. While the Ethereum Foundation's previous ETH sales have not always coincided with market peaks, there have been cases where their selling activity has coincided with short-term tops.**