Ethereum Foundation heaps pressure on market with $1.68 million in ETH sales Ethereum Foundation heaps pressure on market with $1.68 million in ETH sales
Ethereum's price fell by more than 4% during the past day due to the significant selling pressure.
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Updated: Jan. 22, 2024 at 3:39 pm UTC
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The Ethereum Foundation, a non-profit organization dedicated to the blockchain network’s ecosystem, liquidated $1.6 million worth of ETH, according to crypto analytical firm Arkham Intelligence.
Data from the platform reveals that the foundation utilized the CoW Protocol to sell 700 ETH, acquiring $1.6 million in DAI stablecoin. Subsequently, the funds were transferred to an address “0x9ee…313D,” identified as the Grant Provider by Etherscan.
This transaction, which may have occurred when ETH was valued around $2,400, closely mirrors a previous one on Jan. 16. During that instance, the foundation exchanged 100 ETH for $253,000, with the funds also directed to the Grant Provider wallet.
Despite these recent sales, the Ethereum Foundation retains a substantial crypto portfolio. It currently holds 312.894K ETH, valued at approximately $747.40 million, and 31.2K WETH, valued at $74.65 million. Additional assets in its possession include $1.96 million DAI, $113.61K USDC, and $72.97K BUSD.
Given the considerable volume of ETH held by the foundation, its trading activities often influence the asset’s price movements. Consequently, market observers often monitor its transactions for potential insights into the organization’s plans.
As such, the Ethereum Foundation’s recent selling activities have contributed to a 4.3% decline in Ethereum’s price, which currently trades at $2,386 as of press time, according to CryptoSlate’s data.
Ethereum’s Dencun upgrade
Interestingly, these fund movements coincide with the recent launch of the Dencun upgrade on the Ethereum network’s testnet, Goerli, on Jan. 17. This upgrade aims to alleviate gas fees and enhance transaction speed through improvements to the network’s layer-2 rollups.
The upgrade is the most technical advancement the blockchain network has seen since the Shapella hard fork that allowed the withdrawal of staked ether (stETH).
However, a bug delayed the networkโs launch for around four hours before the problem was fixed through a patch, allowing the network to run smoothly.
Per Dencun’s testing schedule, the next phase of its development will happen soon, with a planned upgrade to the Sepolia testnet and the Holesky testnet in the offing.
Ethereum Market Data
At the time of press 3:39 pm UTC on Jan. 22, 2024, Ethereum is ranked #2 by market cap and the price is down 4.59% over the past 24 hours. Ethereum has a market capitalization of $283.3 billion with a 24-hour trading volume of $10.18 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of press 3:39 pm UTC on Jan. 22, 2024, the total crypto market is valued at at $1.59 trillion with a 24-hour volume of $51.22 billion. Bitcoin dominance is currently at 50.06%. Learn more about the crypto market ›
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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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