Ethereum Foundation Swaps 1,700 ETH for $2.7M USDC as Price Slides Below Crucial Support Level
So far this year, the Ethereum Foundation has sold a total of 2,262 ETH, often ahead of broader market declines. This likely represents the non-profit cashing out ETH to fund its ongoing development efforts for the Ethereum blockchain.
The Foundation’s ETH reserves have now dropped to around 326,000, currently worth approximately $500 million. This is down significantly from over 1 million ETH held in 2018.
🔥🔥 The Ethereum Foundation swapped 1,700 $ETH for 2.738M $USDC just 3 hours ago.
— Spot On Chain (@spotonchain) October 9, 2023
This marks their biggest swap of the year. In total, they've sold 2,262 $ETH in 2023, often ahead of market dips.
They currently hold 326K $ETH (approximately $500M).
Don't miss out on such… pic.twitter.com/TQevyRhiG3
Monday’s sell-off comes as the crypto market endures another leg down, with ETH falling below $1,600 and Bitcoin struggling to hold above $27,500. Sentiment remains weak amid high inflation, recession fears, and the fallout from recent crypto bankruptcies.
The Ethereum Foundation appears to be taking advantage of remaining strength in ETH prices to accumulate more fiat reserves. This will help ensure it can weather any potential crypto winter and continue supporting Ethereum development and adoption long-term.
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