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

The Ethereum Foundation, a non-profit enactment dedicated to the blockchain network’s ecosystem, liquidated $1.6 cardinal worthy of ETH, according to crypto analytical steadfast Arkham Intelligence.

Data from the level reveals that the instauration utilized the CoW Protocol to merchantability 700 ETH, acquiring $1.6 cardinal successful DAI stablecoin. Subsequently, the funds were transferred to an address “0x9ee…313D,” identified arsenic the Grant Provider by Etherscan.

This transaction, which whitethorn person occurred erstwhile ETH was valued astir $2,400, intimately mirrors a erstwhile 1 connected Jan. 16. During that instance, the instauration exchanged 100 ETH for $253,000, with the funds besides directed to the Grant Provider wallet.

Despite these caller sales, the Ethereum Foundation retains a important crypto portfolio. It presently holds 312.894K ETH, valued astatine astir $747.40 million, and 31.2K WETH, valued astatine $74.65 million. Additional assets successful its possession see $1.96 cardinal DAI, $113.61K USDC, and $72.97K BUSD.

Given the sizeable measurement of ETH held by the foundation, its trading activities often power the asset’s terms movements. Consequently, marketplace observers often show its transactions for imaginable insights into the organization’s plans.

As such, the Ethereum Foundation’s caller selling activities person contributed to a 4.3% diminution successful Ethereum’s price, which presently trades astatine $2,386 arsenic of property time, according to CryptoSlate’s data.

Ethereum’s Dencun upgrade

Interestingly, these money movements coincide with the caller launch of the Dencun upgrade connected the Ethereum network’s testnet, Goerli, connected Jan. 17. This upgrade aims to alleviate state fees and heighten transaction velocity done improvements to the network’s layer-2 rollups.

The upgrade is the astir method advancement the blockchain web has seen since the Shapella hard fork that allowed the withdrawal of staked ether (stETH).

However, a bug delayed the network’s motorboat for astir 4 hours earlier the occupation was fixed done a patch, allowing the web to tally smoothly.

Per Dencun’s investigating schedule, the adjacent signifier of its improvement volition hap soon, with a planned upgrade to the Sepolia testnet and the Holesky testnet successful the offing.

The station Ethereum Foundation heaps unit connected marketplace with $1.68 cardinal successful ETH sales appeared archetypal connected CryptoSlate.