The Ethereum Foundation sold 1,700 units of its cryptocurrency, Ethereum (ETH), on Monday, causing a slight decrease in the digital asset's trading price. The transaction was disclosed by Lookonchain in a tweet, revealing that the sale occurred at a price of $1,611 per ETH, amounting to a total of $2.74 million in USDC, Circle's stablecoin. Following the transaction, Ethereum's trading price stood at $1,614.
The sale was conducted through Uniswap and was first revealed by Scopescan. At the time of the transaction, the Ethereum Foundation's wallet (0x9ee4) held 240,678 ETH, 7,096 USDC, 49,658 DAI and 10,125 ARB. The balance of the wallet was also disclosed in the Lookonchain tweet.
This is not the first time large-scale ETH transactions by the Foundation have coincided with fluctuations in Ethereum's price. On May 6, 2023, a transfer of 15,000 ETH marked a local peak before a price decline. Similarly, on November 11, 2021, a transfer of 20,000 ETH worth $95 million occurred when Ethereum was at its peak of $4,700. A significant transfer of over 35,000 ETH worth $123 million in May 2021 resulted in a price drop from above $3,500 to around $1,825.
According to data from DeFiLlama, the Ethereum Foundation currently holds around 316,488 ETH ($502.7 million). In Q1 2022, the foundation had about 395,000 ETH (0.297% of total supply) and allocated $48 million for Ethereum R&D and grants in 2021.
As of Monday, Ethereum was trading at $1,595, marking a decrease of 1.6% since the previous day.
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