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The cryptocurrency market witnessed a significant downturn this week as Ethereum (ETH) faced a substantial drop of over 9.6% since the week began, marking its lowest values since mid-February. Currently priced at $2,950 per ETH, Tuesday saw the bulk of this decline, culminating in a weekly low of $2,817.
Amid this turbulence, attention has been drawn to a suspected Ethereum Foundation address, "0xd7," which reportedly sold 100 ETH for 291,267 DAI via the Cow Protocol today.
This transaction was followed by a transfer of the acquired DAI to another Ethereum Foundation address, "0x9e." Notably, this suspected Ethereum Foundation address has been consistently exchanging ETH for DAI through the Cow Protocol in recent times.
How solid is that foundation?
The Ethereum Foundation is a nonprofit organization dedicated to the advancement of Ethereum and related technologies. According to reports from Arkham, the known accounts of the Foundation currently boast 310,867 ETH, valued at $915.15 million.
Excluding exchanges and select projects, the foundation stands as one of the largest altcoin holders, with assets estimated to exceed $1 billion, encompassing holdings in WETH.E worth $91.87 million, along with 329,239 DAI — some of which arrived in foundation addresses today.
The revelation of one of the foundation's key holders offloading a portion of their ETH holdings has sparked speculation regarding its potential impact on Ethereum's future trajectory. The implications of such actions on the price of main altcoin remain uncertain, leaving investors and enthusiasts with unanswered questions.