The biggest altcoin, Ethereum (ETH), is purportedly being sold off again by the Ethereum Foundation.
On-chain data indicates that the Ethereum Foundation sent 100 ETH, or about $253,000, to an unidentified address. In return, the Ethereum Foundation got the same amount in DAI, a stablecoin that is backed by the US dollar.
Ethereum Foundation’s asset holdings
A significant portfolio of cryptocurrency assets is kept up to date by the Ethereum Foundation, a major non-profit that created the Ethereum blockchain.
It appears from recent transactions that the foundation’s “Grant Provider: 0x9ee” wallet has made some significant ETH-related changes.
The Ethereum Foundation still owns more than 312,000 ETH, indicating that its holdings are strong even after the most recent sell-off. With Ethereum trading at $2,564.78, the foundation has around $794 million in assets.
A varied portfolio comprising Wrapped Ethereum (WETH), DAI, USD Coin (USDC), and other tokens is also displayed in the transaction history.
Market impact
Because of their capacity to alter market dynamics, the sales made by the Ethereum Foundation frequently cause a stir among the Ethereum community.
The foundation is the main organisation supporting the Ethereum protocol development, and investors and analysts keep a careful eye on its financial operations.
Usually, these kinds of transactions are closely examined for clues on the foundation’s evaluation of the market and its plan for continuing grants and development.
The price of Ethereum was not significantly affected by this rather small transaction. After gaining 0.2%, the biggest cryptocurrency is now trading at $2,558, according to data.
