The Ethereum Foundation Just Sold $2.76 Million in ETH
It’s magnitudes smaller than previous transfers, but historically when the Ethereum Foundation moves ETH it’s been bearish.
The Ethereum Foundation, a non-profit organization responsible for developing and promoting Ethereum, has converted 1,700 ETH worth $2.76 million to Circle’s USDC stablecoin.
Crypto analytics firm Scopescan reported the transaction this morning as the foundation converted Ethereum for USDC via Uniswap.
The Ethereum Foundation has just sold 1.7K $ETH ($2.76M) for $USDC.
Scopescan (🪬 . 🪬) (@0xScopescan) October 9, 2023
In a report from April 2022, the Foundation disclosed it had around 395,000 ETH representing 0.297% of Ethereum’s total supply by Q1 2022.
According to the report, the Foundation spent a total of $48 million in research and development and grants to developers working on Ethereum during the financial year 2021.
According to DeFiLlama data, the organization holds 316,488 ETH worth $502.7 million.
The Foundation did not immediately respond to Decrypt’s request for comment.