Ether (ETH) prices dropped by about 1.5% in the past few hours. This drop appears to be a reaction from traders after a wallet that certainly belonged to the Ethereum Foundation sold a portion of its allocated Ether tokens.
This specific wallet, with the address “0x9eE457023bB3De16D51A003a247BaEaD7fce313D,” exchanged more than 1,700 Ether for $2.7 million in USDC on Monday, according to data from Arkham.
On the blockchain tracking platform Etherscan, this wallet labeled as a “Grant Provider” had around $400,000 worth of tokens on Monday morning.
The Ethereum Foundation did not reveal specifics how they intended to with the funds they received. Due to this lack of clarity, traders reacted by selling Ethereum (ETH), which led to over 2% drop in its price since ethereum foundation had sold its stake.
The Ethereum Foundation develops applications and programs for the Ethereum network but is not a formal authority or a central organization that governs the Ethereum blockchain. It can affect the value of Ethereum tokens and the perception of Ethereum by investors and traders.
In April 2022, it held over almost $1.29 billion worth of ether (ETH), which accounted for more than 0.297% of the total ether supply at that time.
Additionally, they held around $300 million in investments outside of the cryptocurrency space.
Also Read: Ethereum.org Declares Q4 Product Roadmap with Key Updates
