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

The Ethereum Foundation, a non-profit group devoted to the blockchain community’s ecosystem, liquidated $1.6 million value of ETH, in response to crypto analytical agency Arkham Intelligence.

Data from the platform reveals that the muse utilized the CoW Protocol to promote 700 ETH, buying $1.6 million in DAI stablecoin. Subsequently, the funds had been transferred to an address “0x9ee…313D,” recognized because the Grant Supplier by Etherscan.

This transaction, which can have occurred when ETH was valued round $2,400, carefully mirrors a earlier one on Jan. 16. Throughout that occasion, the muse exchanged 100 ETH for $253,000, with the funds additionally directed to the Grant Supplier pockets.

Regardless of these latest sales, the Ethereum Foundation retains a considerable crypto portfolio. It presently holds 312.894K ETH, valued at roughly $747.40 million, and 31.2K WETH, valued at $74.65 million. Further belongings in its possession embrace $1.96 million DAI, $113.61K USDC, and $72.97K BUSD.

Given the appreciable quantity of ETH held by the muse, its buying and selling actions usually affect the asset’s worth actions. Consequently, market observers usually monitor its transactions for potential insights into the group’s plans.

As such, the Ethereum Foundation’s latest promoting actions have contributed to a 4.3% decline in Ethereum’s worth, which presently trades at $2,386 as of press time, in response to CryptoSlate’s knowledge.

Ethereum’s Dencun improve

Curiously, these fund actions coincide with the latest launch of the Dencun improve on the Ethereum community’s testnet, Goerli, on Jan. 17. This improve goals to alleviate fuel charges and improve transaction pace by way of enhancements to the community’s layer-2 rollups.

The improve is probably the most technical development the blockchain community has seen for the reason that Shapella laborious fork that allowed the withdrawal of staked ether (stETH).

Nevertheless, a bug delayed the community’s launch for round 4 hours earlier than the issue was fixed by way of a patch, permitting the community to run easily.

Per Dencun’s testing schedule, the following part of its growth will occur quickly, with a deliberate improve to the Sepolia testnet and the Holesky testnet in the offing.

ETH Worth & Market Information

On the time of press, Ethereum is ranked #2 by market cap and the ETH worth is down 4.59% over the previous 24 hours. ETH has a market capitalization of $283.3 billion with a 24-hour buying and selling quantity of $10.18 billion. Be taught extra about ETH ›

ETHUSD Chart by TradingView

Market abstract

On the time of press, the worldwide cryptocurrency market is valued at at $1.59 trillion with a 24-hour quantity of $51.22 billion. Bitcoin dominance is presently at 50.06%. Be taught extra ›

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