Over the past 24 hours, Ethereum quotes have fallen by 2.6%. The price of the coin dropped below $1,600 amid the sale of part of the assets owned by the Ethereum Foundation.
According to Arkham, the organization’s wallet exchanged 1,700 ETH for $2.738 million in USDC stablecoin via Uniswap.
On the Etherscan blockchain tracker, the address is labeled as a “grant provider” and at the time of writing contains ~$415,500 worth of tokens.
According to DeFi Llama, the Ethereum Foundation owns 316,140 ETH worth approximately $18.4 million.
In April 2022, the organization reported holding funds in the treasury amounting to $1.6 billion. 80.5% of the assets consisted of ether – 0.297% of the total coin supply or $1.294 billion. The structure held $11 million in other cryptocurrencies and $302 million in unrelated ones digital assets investments.
For fiscal year 2021, the organization’s expenses totaled $48 million.
Sales of the Ethereum Foundation have more than once been associated with the movement of the ETH price. For example, on May 6, the fund transferred about 15,000 coins to the Kraken exchange. From a local maximum of $1993, the rate dropped to $1800 in a few days.
On November 11, 2021, the organization sent 20,000 ETH to Kraken. The operation took place after the price of the cryptocurrency reached a record high of $4,878.
Recall that the day before, Cardano founder Charles Hoskinson accused Ethereum of plagiarism.
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