Ethereum co-founder Vitalik Buterin sells 2 trillion DOG tokens for 4.43 ETH, valued at $10.8K. Ethereum Foundation transfers 1,000 ETH, worth $2.45 million, to wallet 0xc06.

Ethereum co-founder Vitalik Buterin has sold 2 trillion DOG tokens, converting them to 4.43 ETH, valued at nearly $10.8K. This transaction was confirmed by PeckShieldAlert and Etherscan data, which indicated that Buterin sold all ERC-20 DOG tokens and converted them to ETH. Buterin's wallet holds nearly 401 different tokens, with WhiteRock (WHITE) being the largest holding worth $8.12 million, followed by 30 billion MOO DENG tokens worth $771,628.

Simultaneously, the Ethereum Foundation transferred another 1,000 ETH, worth $2.45 million, to wallet 0xc06. This transfer is part of a series of movements totaling 9,000 ETH, or $22.67 million, within a month. The reason behind these transfers remains unclear, but it is speculated that they could be related to the internal functioning of Ethereum or support for a specific project. The Ethereum Foundation independently manages part of the ETH and regularly sells it to fund the Ethereum ecosystem and its operations.

Vitalik Buterin and the Ethereum Foundation are also backing the legal defense of Roman Storm, the founder of Tornado Cash, as his July trial approaches. This support has garnered attention from the crypto community, particularly given the historical criticism of Buterin and the Ethereum Foundation for selling large amounts of ETH, which has often been seen as a sell signal for investors and has hindered the ETH price rally.

The recent movements have sparked interest in the crypto community, especially in light of the $26.4 million net outflow from spot Ethereum ETFs on Thursday. This outflow included $27.4 million and $12.4 million from Grayscale’s ETHE and ETH exchange-traded funds, respectively. Meanwhile, BlackRock, Fidelity, and Bitwise ETFs recorded marginal inflows, adding to the community's interest in the latest developments.

The sentiment surrounding Ethereum has turned slightly bearish, with a put-call ratio of 1 in the last 24 hours. The max pain point was $2,200 at the time of writing, and 936K ETH options with a notional value of almost $2.3 billion are set to expire. The ETH price has traded in the red in the past 24 hours, with the price trading at $2,445 at the time of writing. The 24-hour low and high were $2,386 and $2,463, respectively. Trading volume has decreased by 29% in the last 24 hours, indicating that traders have turned cautious.

In the daily timeframe, the price is below the 50-SMA and 200-SMA, but above 100-MA at the time of writing. The Relative Strength Index (RSI) was at 48.31. CoinGlass data showed selling in the derivatives market, with the total ETH futures open interest dropping more than 3% to $31.17 billion in the last 24 hours. ETH futures OI on CME and Binance tumbled more than 4% and 2%, respectively, signaling bearish sentiment among derivatives traders. Analyst Michael van de Poppe expected a strong continuation in ETH price in the coming days, possibly a week, as the price holds onto the range low.