The value of Ethereum decreased by 2.6% earlier this week, causing the price to drop below $1,600. This drop can be attributed to the Ethereum Foundation’s recent sale of some of its assets.
According to Arkham, the foundation’s wallet exchanged 1,700 ETH for $2.738 million worth of USDC stablecoin through Uniswap.
This address is labeled as a “grant provider” and currently contains approximately $415,500 worth of tokens.
Additionally, DeFi Llama reports that the Ethereum Foundation currently holds 316,140 ETH, amounting to around $18.4 million.
In April 2022, the organization disclosed that it held $1.6 billion in funds, with 80.5% of it in ether, approximately 0.297% of the total coin supply, or $1.294 billion.
The remaining amounts were held in other cryptocurrencies and unrelated digital assets. Furthermore, the organization’s expenses amounted to $48 million for the fiscal year 2021.
The Ethereum Foundation’s selling of assets has previously been linked to fluctuations in the ETH price.
