Ether Slides as Ethereum Foundation Swaps $2.7M ETH on Uniswap
The Foundation periodically sells tokens to cover costs, creating a temporary sell-off event in markets.
Ether prices slipped some 1.5% in the past few hours as traders seemed to react to a wallet apparently belonging to the Ethereum Foundation that sold a portion of its allocated tokens.
Wallet “0x9eE457023bB3De16D51A003a247BaEaD7fce313D” swapped over 1,700 ETH for $2.7 million in USDC on Monday, Arkham data shows . The wallet is tagged as a “Grant Provider” on blockchain tracker Etherscan and holds nearly $400,000 worth of tokens as of Monday morning.
As of writing time, the Ethereum Foundation did not publicly reveal specifics of what it intended to do with the proceeds. Traders reacted to the move nevertheless, with ETH extending losses to 1.8% in the past 24 hours to leading a slide slump among major tokens.