Ethereum experiences rocky trading day after Ethereum Foundation selloff Ethereum experiences rocky trading day after Ethereum Foundation selloff
The second-largest cryptocurrency by market cap experienced a rough trading day following the Ethereum Foundation's sale, but has recovered about a third of the value lost since the sale became known.
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Updated: Oct. 9, 2023 at 9:58 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Ethereum Foundation exchanged 1700 ETH on Uniswap for $2.738 million worth of USD Coin (USDC) today, Oct. 9., at an average price of $1,611, according to on-chain data.
In the trading day since, ETH saw its price tumble as low as $1,553 before seeing a slight recovery to $1,577, where it stood at press time.
The Arkham Intelligence dashboard reveals that the Foundation received 1,700 ETH from a Gnosis Safe Proxy wallet. This ETH was subsequently converted into stablecoin via the Uniswap decentralized exchange (DEX). Later, the Foundation returned $3.23 million in USDC to the Gnosis wallet.
The Arkham Intelligence dashboard reveals that the Foundation holds digital assets worth $454,482 in its wallet, including 240.68 ETH valued at $390,000, 3.238 million USDC, 49,700 DAI, and 10,000 ARB tokens worth $8500.
Buterin’s dumping spree
The Ethereum Foundation transactions are coming on the heels of similar moves made by the blockchain network’s co-founder, Vitalik Buterin.
On Oct. 7, on-chain analyst Lookonchain reported that an address “0xD04daa” related to Buterin transferred 1000 units of ETH (worth $1.64 million) into Bitstamp, a centralized crypto exchange.
According to the analyst, the same address has deposited 4,400 ETH, more than $7 million to Bitstamp in the last two months.
Before that, CryptoSlate had also reported that the Ethereum co-founder had consistently transferred his ETH holding to exchanges at different periods this year.
For context, Buterin sent over 1,000 ETH to exchanges, unknown addresses, and a Gnosis Safe Proxy wallet during a seven-day period in September. Before that, he had transferred 600 Ether to Coinbase in August and 200 ETH to Kraken in March.
Despite these recent sales, Buterin still maintains a significant Ethereum holding. Data from the Arkham Intelligence dashboard reveals his ownership of approximately 250,000 ETH units, valued at around $400 million, within his cryptocurrency wallet.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Vitalik Buterin stands as the pioneering force behind Ethereum, a transformative community-driven platform that fuels the cryptocurrency ether (ETH) and underpins a myriad of decentralized applications.