Ethereum Foundation Converts 1700 ETH to USDC
The Ethereum Foundation has sold 1700 ETH for 2.76 million USDC, Circle’s stablecoin. This transaction was conducted through Uniswap’s decentralized crypto-exchange (DEX). The foundation currently holds approximately $3.7 million in assets, including 240 ETH, along with USDC, DAI, and ARB tokens.
Impact on the Price of ETH
In the past 24 hours, the price of ETH has dropped by -3%, from $1634 to $1583. Over the past week, the price has seen a -4% decrease, falling from $1667. Additionally, ETH’s market cap has decreased from $196 billion to $190 billion in the past day.
Despite these negative trends, ETH’s trading volume has increased by 119% in the past 24 hours.
Previous Transfer of $30 Million from ETH to Fiat Currency
In May 2023, the Ethereum Foundation transferred $30 million in ETH to the Kraken exchange. This move was interpreted as a strategy to finance operations or diversify the foundation’s portfolio. It also aimed to promote liquidity and stability in the crypto market by providing a large volume of ETH to a crypto-exchange.
The impact of this previous sale caused a nearly 5% drop in the price of ETH. However, the recent sale of 1700 ETH is smaller in comparison.
Hot Take: Ethereum Foundation Continues to Adjust Holdings
The recent sale of 1700 ETH by the Ethereum Foundation demonstrates its ongoing efforts to adjust its holdings and manage its operations effectively. By converting some of its ETH into USDC, the foundation may be ensuring greater stability and liquidity in its portfolio. Although the price of ETH has experienced a slight decrease, its trading volume has significantly increased, indicating continued interest and activity in the market. As the foundation adapts to changing market conditions, it remains committed to supporting research grants and advancing the development of Ethereum.
By
By
By
By
By