Ethereum Foundation Sells 1,700 ETH, Causes Slight Price Drop
Ethereum Foundation Sells 1,700 ETH, Transaction Coincides With Slight Price Drop
The Ethereum Foundation recently sold 1,700 units of its cryptocurrency, Ethereum (ETH), resulting in a minor decline in its trading price. The transaction, which was disclosed by Lookonchain in a tweet, occurred at a price of $1,611 per ETH, totaling $2.74 million in USDC, Circle’s stablecoin. Following the sale, Ethereum’s trading price settled at $1,614.
Ethereum Foundation’s Sale and Wallet Balance
The sale was facilitated through an undisclosed platform and was first reported 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 Lookonchain tweet also revealed the balance of the wallet.
Previous Transactions Impacting Ethereum’s Price
This is not the first time the Ethereum Foundation’s large-scale ETH transactions have coincided with price fluctuations. On May 6, 2023, a transfer of 15,000 ETH marked a local peak before a subsequent decline in price. Likewise, on November 11, 2021, a transfer of 20,000 ETH worth $95 million occurred at Ethereum’s peak price 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.
Current Holdings and Allocation of Ethereum Foundation
According to data from DeFiLlama, the Ethereum Foundation currently holds approximately 316,488 ETH ($502.7 million). In Q1 2022, the foundation possessed around 395,000 ETH, which accounted for 0.297% of the total supply. Additionally, the foundation allocated $48 million for Ethereum research and development (R&D) and grants in 2021.
As of Monday, Ethereum’s trading price stood at $1,595, reflecting a 1.6% decrease from the previous day.
