The Ethereum Foundation, a non-profit spearheading the development of Ethereum, has reportedly sold a significant amount of its Ethereum (ETH) holdings. The sale amounted to 1,700 ETH, which is equivalent to $2.76 million.
The transaction was observed and reported by crypto analytics firm Scopescan. The Ethereum Foundation converted the ETH into Circle’s USDC stablecoin via Uniswap.
In a 2022 report, the Foundation revealed it possessed around 395,000 ETH, accounting for 0.297% of Ethereum’s total supply by Q1 2022. The organization spent $48 million on research, development, and grants for Ethereum developers during the financial year of 2021.
According to DeFiLlama data, the Foundation currently holds 316,488 ETH, estimated to be worth $502.7 million. The Foundation did not immediately respond to Decrypt’s request for comment.
Past instances of the Foundation moving its tokens to crypto exchanges have been followed by declines in the price of Ethereum. For instance, on May 6, 2023, the Ethereum Foundation transferred nearly 15,000 ETH, worth $28.5 million, to the Kraken cryptocurrency exchange. Ethereum’s price subsequently fell in the following months.
Similarly, in November 2021 and May 2021, the Foundation transferred 20,000 ETH and 35,000 ETH, worth $95 million and $123 million respectively, to Kraken. In both instances, Ethereum’s price saw a notable decline following the transfers.
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