1,700 ETH, or around $2.76 million, have been changed by the Ethereum (CRYPTO: ETH) Foundation into Circle’s USDC (CRYPTO: USDC) stablecoin.
What Happened: “The Ethereum Foundation has just sold 1,700 ETH ($2.76 million) for USDC,” according to scopescan, an on-chain analytics company. This transaction was carried out by the non-profit Ethereum Foundation using Uniswap.
The Foundation revealed its holdings in its April 2022 report, showing that as of Q1 2022, they had over 395,000 ETH, or 0.297% of Ethereum’s total supply. The Foundation provided grants to developers working on the Ethereum ecosystem and a total of $48 million for research and development during the 2021 fiscal year.
The Ethereum Foundation presently owns 316,488 ETH, worth $502.7 million, according to statistics from DeFiLlama.
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Ethereum Foundation Exchanges 1,700 ETH for $2.76M USDC,Ethereum Foundation Exchanges 1,700 ETH for $2.76M USDC
Why It Matters: Simultaneously, there have been notable swings in the market’s perception of Ethereum. The price of Ethereum plunged to $1,570, according to Santiment, an analytics company, which sparked further divisive conversations within the cryptocurrency community.
“Traders are getting impatient since fees are currently at their lowest points since 2023. Growing pessimism is a positive indicator of an approaching recovery. Ethereum reaches a seven-month low while social dominance tests $1,550.”
Bitcoin’s Battle with ‘Severe Resistance’ – Watch These Levels
It is interesting to note that previous occasions in which the Ethereum Foundation sent tokens to cryptocurrency exchanges corresponded with regional peaks in the price of Ethereum. As an example, the Foundation moved over 15,000 Ethereum, or $28.5 million, to the Kraken cryptocurrency market on May 6, 2023, right before Ethereum saw a decline over the next several months.
Ethereum Foundation Exchanges 1,700 ETH for $2.76M USDC,Market Uncertainty,Ethereum Foundation Exchanges 1,700 ETH for $2.76M USDC,Ethereum Foundation Exchanges 1,700 ETH for $2.76M USDC,