The Ethereum Foundation has sold a notable amount of its ETH holdings throughout the year, generating significant revenue. Recent findings from 0xScope indicate that from January 2 to October 23, the organization exchanged 6,646 ETH for DAI, bringing in roughly 17 million dollars.
What Were the Key Transactions?
Over the course of 2023, the Foundation executed 37 distinct sales, moving between 50 to 200 ETH per transaction. The initial sale took place on January 2, while the final one occurred on October 23. A total of 4,066 ETH was sold via CowSwap at an average price of 2,764 dollars, resulting in around 11.24 million dollars in revenue.
How Does This Impact the Market?
The Foundation’s recent sales reflect a strategy aimed at diversifying its ETH assets and ensuring liquidity. The organization has historically conducted ETH sales and has openly communicated these actions to its community. Foundation representatives have expressed a desire to convert the proceeds into cash for projects that bolster the Ethereum ecosystem.
Notable findings from the Ethereum Foundation’s sales include:
- Total ETH sold: 6,646
- Generated revenue: approximately 17 million dollars
- Average price during CowSwap sales: 2,764 dollars
- ETH trading at current price: 2,490 dollars
The Ethereum community keeps a close watch on these transactions due to potential market ramifications. As of now, ETH is trading at 2,490 dollars, reflecting a 2.24% decline in the last day and a 5.17% dip over the past week, remaining nearly 49.03% off its peak of 4,891 dollars from November 2021.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
