Ethereum Foundation Swaps $2.7M ETH on Uniswap, Causing Ether to Fall

Ethereum (ETH) price drops 1.5% as Ethereum Foundation’s wallet sells 1,700 ETH for $2.7 million in USDC, impacting crypto market sentiment.
Ethereum Foundation Swaps $2.7M ETH on Uniswap, Causing Ether to Fall
Ethereum Foundation Swaps $2.7M ETH on Uniswap, Causing Ether to Fall

Over the last few hours, ETH prices have decreased by around 1.5%. Traders’ reaction to a wallet that purports to belong to the Ethereum Foundation selling some of its allotted Ether tokens is thought to be the cause of this decline.

Data from Arkham shows that this particular wallet, with the address “0x9eE457023bB3De16D51A003a247BaEaD7fce313D,” swapped more than 1,700 ether for $2.7 million in a stablecoin dubbed USDC on Monday.

This wallet, identified as a “Grant Provider” on the blockchain tracking tool Etherscan, contained tokens on Monday morning that were valued at almost $400,000.

Insights into how the monies they received will be used by the Ethereum Foundation were withheld. Ethereum (ETH)’s price fell 1.8% in the past day as a result of traders selling the cryptocurrency in response to this lack of information. Other prominent cryptocurrencies were affected by the value decrease of ETH and also experienced value loss.

Although it controls the Ethereum blockchain, the Ethereum Foundation is not a formal authority or a central body. It may have an impact on the cost of Ethereum tokens as well as how investors and developers view Ethereum.

Its ETH holdings in April 2022 totaled almost $1.29 billion, or more than 0.297% of the ether supply at that time. They also have investments worth $300 million that were not in the bitcoin industry.

Read Also: Q4 Ethereum.org Product Roadmap With Key Updates

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