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The Ethereum Foundation has reportedly engaged in another sell-off of Ethereum (ETH), the largest altocoin.
According to on-chain data, the Ethereum Foundation transferred 100 ETH, valued at approximately $253,000, to an unknown address and subsequently received an equivalent amount in DAI, a stablecoin pegged to the US dollar.
Ethereum Foundation's asset holdings
The Ethereum Foundation, a key non-profit organization behind the Ethereum blockchain, maintains a substantial portfolio of crypto assets.
Recent transactions suggest that the foundation's wallet labeled "Grant Provider: 0x9ee" has made notable moves involving ETH.
Despite the latest sell-off, the Ethereum Foundation's holdings remain robust, with over 312,000 ETH still in its possession. At the current Ethereum price of $2,564.78, the foundation's holdings stand at nearly $794 million.
The transaction history also shows a diverse portfolio including Wrapped Ethereum (WETH), DAI, USD Coin (USDC), and other tokens.
Market impact
The Ethereum Foundation's sales often create ripples across the Ethereum community due to their potential impact on market dynamics.
As the principal entity backing the development of the Ethereum protocol, the foundation's financial activities are closely monitored by investors and analysts.
Such transactions are typically scrutinized for signals about the foundation's assessment of the market and its strategy for funding ongoing development and grants.
This relatively minor transaction had little impact on the Ethereum price. The largest altcoin is currently trading at $2,558 after adding 0.2%.