Ethereum Foundation heaps pressure on market with $1.68 million in ETH sales

The Ethereum Foundation, a non-profit group devoted to the blockchain network’s ecosystem, liquidated $1.6 million price of ETH, per crypto analytical firm Arkham Intelligence.

Recordsdata from the platform unearths that the foundation utilized the CoW Protocol to sell 700 ETH, acquiring $1.6 million in DAI stablecoin. Subsequently, the funds had been transferred to an deal with “0x9ee…313D,” identified as the Grant Supplier by Etherscan.

This transaction, that can even merely acquire occurred when ETH modified into valued spherical $2,400, closely mirrors a old one on Jan. 16. Correct thru that instance, the foundation exchanged 100 ETH for $253,000, with the funds also directed to the Grant Supplier wallet.

Without reference to those fresh gross sales, the Ethereum Foundation retains a gigantic crypto portfolio. It in the meantime holds 312.894K ETH, valued at approximately $747.40 million, and 31.2K WETH, valued at $74.65 million. Additional sources in its possession encompass $1.96 million DAI, $113.61K USDC, and $72.97K BUSD.

Given the appreciable quantity of ETH held by the foundation, its trading actions in general impact the asset’s label actions. Which potential that, market observers in general track its transactions for doable insights into the group’s plans.

As such, the Ethereum Foundation’s fresh selling actions acquire contributed to a 4.3% decline in Ethereum’s label, which in the meantime trades at $2,386 as of press time, per CryptoSlate’s records.

Ethereum’s Dencun upgrade

Curiously, these fund actions coincide with the brand new launch of the Dencun upgrade on the Ethereum network’s testnet, Goerli, on Jan. 17. This upgrade targets to alleviate gas expenses and toughen transaction jog thru improvements to the network’s layer-2 rollups.

The upgrade is doubtlessly the most technical advancement the blockchain network has considered since the Shapella hard fork that allowed the withdrawal of staked ether (stETH).

On the replacement hand, a worm delayed the network’s launch for spherical four hours before the topic modified into mounted thru a patch, allowing the network to dart smoothly.

Per Dencun’s testing time desk, the next section of its construction will happen rapidly, with a planned upgrade to the Sepolia testnet and the Holesky testnet in the offing.

Ethereum Market Recordsdata

At the time of press 3:39 pm UTC on Jan. 22, 2024, Ethereum is ranked #2 by market cap and the cost is down 4.59% over the past 24 hours. Ethereum has a market capitalization of $283.3 billion with a 24-hour trading quantity of $10.18 billion. Learn more about Ethereum ›

Ethereum

3:39 pm UTC on Jan. 22, 2024

$2,357.31

-4.59%

Crypto Market Abstract

At the time of press 3:39 pm UTC on Jan. 22, 2024, the full crypto market is valued at at $1.59 trillion with a 24-hour quantity of $51.22 billion. Bitcoin dominance is in the meantime at 50.06%. Learn more about the crypto market ›