The wallet address linked to the Ethereum Foundation has recently sold about 1700 ETH coins for 2.738 million USDC at sales times.
The sale was marked by the crypto data analytics platform Arkham Intelligence. The selloff, though glaring, has forced a deeper dive into the portfolio of the core Ethereum-focused organization with data published by Arkham Intelligence.
The Ethereum Foundation’s Portfolio
Following the sales, the Ethereum Foundation now holds a total of 240.68 ETH, 3.238 million USDC, 49,700 DAI, and 10,000 ARB, totaling $3.687 million in assets. This figure indicates how much liquidity the organization currently has at its disposal.
The Ethereum Foundation plays a crucial role in bolstering the operational capabilities of the Ethereum Proof-of-Stake (PoS) blockchain. In achieving its goals, the organization periodically liquidates sizable ETH holdings.
As reported by TheCryptoBasic back in May, the Ethereum Foundation sold as much as $30 million worth of Ethereum. The selloff at the time impacted the asset’s price, dragging it as low as 5%.
Besides the direct sell-offs from the Ethereum Foundation, leaders within the community, including co-founder Vitalik Buterin, are also known to liquidate enormous amounts of Ethereum for undisclosed reasons.
Market watchers believe the latest round of selloffs might have an underlying impact on the price of Ethereum, but no such effect has been observed as of press time. ETH is notably on a bearish tour with a drop of 1.71% to $1,591.23, but this downturn is due to the bearish atmosphere in the broader market.
The FUD Behind the Selloffs
The Ethereum Foundation’s role in the community is often the basis for Fear, Uncertainty, and Doubt (FUD) recorded when it makes any form of selloff. With critics often pegging the selloff as a lack of faith in the protocol, large-scale dumps usually follow these targeted selloffs.