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Ethereum Foundation Trades 1,700 ETH for $2.76 Million in USDC

source-logo  news.bitcoin.com 09 October 2023 11:30, UTC

Blockchain sleuths spotted the Ethereum Foundation trading 1,700 ETH for a hefty $2.76 million in USDC stablecoins. This comes hot on the heels of Ethereum’s co-founder, Vitalik Buterin, transferring a cool $3.79 million in ether within a mere ten days.

Ethereum Foundation Parts With Ethereum in $2.76 Million Stablecoin Deal

Through the decentralized platform, Uniswap, the Ethereum Foundation executed the 1,700 ETH for $2.76 million USDC swap. Eagle-eyed observers and the sharp team at Scopescan didn’t miss a beat. “The Ethereum Foundation has just sold 1.7K ETH ($2.76M) for USDC,” announced Scopescan at a bright and early 4:25 a.m. Eastern Time on Monday. Naturally, this stirred some buzz in the crypto sphere.

“Ethereum Foundation sold 1,700 ETH for $2.7 million because: They are paying to their workers. They are building new projects. They’re supporting new devs and projects. Don’t panic,” advised a fervent ether enthusiast.

This transaction trails Buterin’s recent move of shipping $3.79 million in ether to centralized platforms within a span of ten days. Data from Arkham Intelligence reveals that the Ethereum Foundation’s coffers still boast a staggering 316,761 ether, valued at a whopping $501 million. Additionally, they’re sitting on a nest egg of around $49 million in wrapped ether (WETH).

Historically, the Ethereum Foundation has been transparent with its finances, releasing periodic reports. It’s anticipated that this latest trade might feature in their upcoming disclosure. Today, ETH’s value dipped by over 3%, seemingly influenced by tensions arising from the Israel-Hamas strife. The crypto giant, second only in market cap, has seen its value slide below the $1,600 mark, currently trading at $1,578 per token.

What do you think about the Ethereum Foundation parting ways with 1,700 ether? Share your thoughts and opinions about this subject in the comments section below.