The Defiant

Ethereum Foundation Sells $1.6M Of ETH

Ether dropped 4% after blockchain observers flagged a $1.6M sale of ETH for DAI by the Foundation.

By: Pedro Solimano Loading...

Ethereum Foundation Sells $1.6M Of ETH

Early Monday morning, a blockchain address associated with the Ethereum Foundation sold $1.6M worth of ETH.

According to on-chain data provider Arkham Intelligence, the wallet swapped a total of 700 ETH for DAI through four transactions on the Cow Protocol at an average price of $2,406.

ETH dropped 3% on the news and has suffered a 6% drop on the week, last changing hands for $2,370, according to Coingecko.

ETH Price chart
ETH Price

There’s no shortage of speculation regarding the reason for the Ethereum Foundation offloading ETH – although it still holds more than $738M in Ether.

The organization had not issued a public statement at the time of writing.

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