The trader and analyst who goes by @edwardmorra_btc on Twitter noticed an interesting trend in EF sales
Seasoned trader and analyst @edwardmorra_btc, who has more than 50,000 followers on Twitter, is certain that Ethereum Foundation participants definitely know when should they sell their ETH stakes.
How to sell the top
According to the report shared by the trader, the last sale of Ethers (ETH) by the Ethereum Foundation coincided with the historic peak of the price of the second crypto-currency.
As covered by U.Today, the aforementioned transaction took place on Nov. 11 at 2:56 p.m. (UTC). The Ethereum Foundation moved $90 million in Ethers to sell on Kraken heavyweight CEX.
Ethereum was changing hands at $4,810 when the trade was recorded. Thus, ETH is down more than 50% from the local peak which was masterfully “sold” by EF representatives.
The analyst stressed that this is not the first time the Ethereum Foundation has cashed out at or near the top of Ethereum (ETH) price fluctuations.
Who buys Ethereum dips?
In May 2021, when Ethereum pulled back slightly from its previous peak, the Ethereum Foundation sent another batch of 35 Ethers to the market.
Right now, the address labeled “EthDev” holds 353,318 Ethers, or roughly $844 million, while the Ethereum price attempts to hold above $2,400.
“Dips are for buy,” goes an old trader mantra. Thus, many funds bought huge amounts of Ethereum between the two peaks.
As we reported, despite the anti-Ethereum tirade of its co-founder Su Zhu, Three Arrows Capital acquired $56 million in ETH in mid-December 2021.
