Ethereum Price Drops Amid Vitalik Buterin's Sales and Corporate Treasury Activity

Ethereum, the second-largest cryptocurrency by market capitalization, has experienced a significant price drop in the past 24 hours. According to data from various sources, the price of Ethereum has fallen by 5%, extending its monthly decline to 38%. This price drop has been attributed to a combination of factors, including the sales of Ethereum by Vitalik Buterin, the co-founder of the cryptocurrency.

Buterin's recent sales have added to short-term sentiment pressure, with him selling 3,788.57 ETH over the past three days, worth approximately $7.3 million. However, it is essential to note that these sales represent a small fraction of overall market liquidity.

The Ethereum Foundation has also made headlines in recent times by announcing its plans to stake part of its treasury. The foundation aims to secure the network while funding core operations, including protocol research and development, ecosystem growth, and community grants. To achieve this, it has started staking an initial deposit of 2,016 ETH, with a plan to stake approximately 70,000 ETH in total.

Additionally, corporate treasury activity remains notable, with BitMine Immersion Technologies Inc expanding its Ethereum holdings by acquiring 51,162 ETH in the past week. This brings its total to roughly 4.4 million ETH, which is about 3.7% of the circulating supply.