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Ether Slides as Ethereum Foundation Swaps $2.7M ETH on Uniswap
The Foundation periodically sells tokens to cover costs, creating a temporary sell-off event in markets.
Updated Oct 9, 2023, 5:30 p.m. Published Oct 9, 2023, 11:02 a.m.
Ether prices slipped some 1.5% in the past few hours as traders seemed to react to a wallet apparently belonging to the Ethereum Foundation that sold a portion of its allocated tokens.
Wallet “0x9eE457023bB3De16D51A003a247BaEaD7fce313D” swapped over 1,700 ETH for $2.7 million in USDC on Monday, Arkham data shows. The wallet is tagged as a “Grant Provider” on blockchain tracker Etherscan and holds nearly $400,000 worth of tokens as of Monday morning.
As of writing time, the Ethereum Foundation did not publicly reveal specifics of what it intended to do with the proceeds. Traders reacted to the move nevertheless, with ETH extending losses to 1.8% in the past 24 hours to leading a slide slump among major tokens.
The Ethereum Foundation develops applications and programs for the Ethereum network, but isn’t an official entity or a centralized group that controls what happens on the chain. However, it remains very influential and can impact token prices or Ethereum’s inherent outlook among investors or developers.
As of April 2022, it held over almost $1.29 billion in ether (ETH), which represented over 0.297% of the total ether supply at the time, and about $300 million in non-crypto investments.
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