Ethereum Foundation Sells $1.6M Of ETH
Ether dropped 4% after blockchain observers flagged a $1.6M sale of ETH for DAI by the Foundation.
By: Pedro Solimano • Loading...
Markets![Ethereum Foundation Sells $1.6M Of ETH](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F959ef194970305500ef7fa24f20e33a60b96bc25-1792x1024.png&w=828&q=75)
Early Monday morning, a blockchain address associated with the Ethereum Foundation sold $1.6M worth of ETH.
According to on-chain data provider Arkham Intelligence, the wallet swapped a total of 700 ETH for DAI through four transactions on the Cow Protocol at an average price of $2,406.
ETH dropped 3% on the news and has suffered a 6% drop on the week, last changing hands for $2,370, according to Coingecko.
![ETH Price chart](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F8657076d94698237f3fa4cf9a25803af4d265f9e-1031x643.jpg&w=828&q=100)
There’s no shortage of speculation regarding the reason for the Ethereum Foundation offloading ETH – although it still holds more than $738M in Ether.
The organization had not issued a public statement at the time of writing.
Advertisement
The Defiant Daily
“an industry must-read”
Get an edge in Crypto with our free daily newsletter
Know what matters in Crypto and Web3 with The Defiant Daily newsletter, Mon to Fri
90k+ Defiers informed every day. Unsubscribe anytime.