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.

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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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!