The Ethereum Foundation, a non-profit organization dedicated to the blockchain network ecosystem, has liquidated $1.6 million worth of ETH, according to crypto analytics firm Arkham Intelligence.
Facts the platform shows that the foundation used the CoW protocol to sell 700 ETH, acquiring $1.6 million worth of DAI stablecoin. The money was then transferred to a address “0x9ee…313D”, identified as the grantor by Etherscan.
This transaction, which may have occurred when ETH was valued around $2,400, closely matches an earlier transaction on January 16. During that case, the foundation exchanged 100 ETH for $253,000, with the funds also sent to the Grant Provider wallet.
Despite these recent sales, the Ethereum Foundation retains a significant crypto portfolio. It currently owns 312,894K ETH, valued at approximately $747.40 million, and 31.2K WETH, valued at $74.65 million. Additional assets held include $1.96M DAI, $113.61K USDC and $72.97K BUSD.
Given the significant volume of ETH the foundation holds, its trading activities often influence the asset’s price movements. Consequently, market observers often monitor the transactions for possible insights into the organization’s plans.
As such, the Ethereum Foundation’s recent selling activity has contributed to a 4.3% decline in the price of Ethereum, which is currently trading at $2,386 at the time of writing. Crypto Slates facts.
Ethereum’s Dencun upgrade
Interestingly, these fund moves coincide with recent ones launch of the Dencun upgrade on the Ethereum network’s testnet, Goerli, on January 17. This upgrade aims to reduce gas costs and improve transaction speed through improvements to the network’s layer 2 combinations.
The upgrade is the most technical advancement the blockchain network has seen since the Shapella hard fork that enabled the withdrawal of staked ether (stETH).
However, a bug delayed the launch of the network for about four hours before the problem occurred fixed via a patch, which allows the network to function smoothly.
According to Dencun’s test schedule, the next phase of development will take place soon, with a planned upgrade to the Sepolia testnet and the Holesky testnet on the horizon.
At the time of writing, Ethereum is number 2 in terms of market capitalization and so is the ETH price down 4.59% in the last 24 hours. ETH has a market capitalization of $283.3 billion with a 24-hour trading volume of $10.18 billion. Learn more about ETH ›
Market summary
At the time of writing, the global cryptocurrency market is valued at $1.59 trillion with a 24 hour volume of $51.22 billion. Bitcoin’s dominance currently stands at 50.06%. Learn more >