LIVEThus, the Ethereum Foundation collapsed the market value of the second largest cryptocurrency by capitalization by 1.5%, to $1,590. Over the past 24 hours, the drop in the value of ether has increased to 2.11%. At the time of writing, the overall decline in the asset on the seven-day timeframe was about 9%.
On-chain data shows that the funds arrived from the secure multi-signature wallet address 0xbC9a9 approximately 30 minutes before the exchange transaction took place.
The fund decided to convert the proceeds from the sale of ether into USDC stablecoins, which may indicate an intention to take profits and protect the funds received from the sale of the asset in conditions of instability in the cryptocurrency market. In addition, diversifying the Fund's asset portfolio and maintaining a portion of its assets in USDC relies on the value proposition of stablecoins for immediate transactions and reduced risk.
Earlier, K33 Research analysts said that the unsatisfactory trading volume of futures exchange-traded funds (ETFs) for ether indicate that it is time for investors to return to investing in Bitcoin.
