cryptoglobe.com
The Ethereum Foundation has, through the decentralized cryptocurrency exchange Uniswap, sold 1,700 Ether ($ETH) for $2.73 million worth of USDC, in their largest single transaction of the year.
According to on-chain monitoring service Spot On Chain, the Ethereum Foundation’s transaction helped the total amount of ETH the organization sold so far this year reach 2,262 tokens, with most sales coming ahead of cryptocurrency market dips.
Nevertheless, data from the Ethereum blockchain shows that the Ethereum Foundation still has over $500 million worth of the second-largest cryptocurrency by market capitalization on its wallet, along with over $340,000 worth of wrapped Ether ($WETH), $38,000 of $DAI, and $9,700 worth of $BNB as well as various other altcoins.
🔥🔥 The Ethereum Foundation swapped 1,700 $ETH for 2.738M $USDC just 3 hours ago.
— Spot On Chain (@spotonchain) October 9, 2023
This marks their biggest swap of the year. In total, they've sold 2,262 $ETH in 2023, often ahead of market dips.
They currently hold 326K $ETH (approximately $500M).
Don't miss out on such… pic.twitter.com/TQevyRhiG3
The Ethereum Foundation’s sale comes shortly after Ethereum co-creator Vitalik Buterin transferred $3.79 milluion worth of the cryptocurrency to centralized trading platforms. The Ethereum Foundation has always been open about its finances as it publishes regular reports on them.
The latest move is expected to be included in the organization’s next report, and came amid a cryptocurrency market dip partly triggered by the ongoing conflict in Gaza after Israel was attacked by Hamas.
Ethereum foundation SOLD 1,700 ETH for $2.7 million.
— Param.eth ᵍᵐ (@Param_eth) October 9, 2023
Because:
They are Paying to their workers.
They are building new Projects.
They're supporting new devs and Projects.
Don't Panic 🙂
The move also comes a week after Ethereum futures exchange-traded funds (ETFs) were launched in the United States. According to David Duong, Head of Coinbase Research, these ETFs failed to generate the same level of excitement and trading volume as the first BTC futures ETF, ProShares’ BITO, which debuted in October 2021.
Duong pointed out that the top ETH futures ETFs collectively saw less than $1.5 million in trading volume on their first day. In stark contrast, BITO experienced over $1 billion in trading volume on its inaugural day, as per Bloomberg data. Additionally, the net inflow into these ETH futures ETFs was less than 2% of what BITO attracted.
Featured image via Unsplash.