In the past 24 hours, Ethereum prices fell 2.6%. The coin’s price slipped below $1,600 as the Ethereum Foundation sells part of its assets.
According to Arkham, the organization’s wallet exchanged 1,700 ETH for $2.738 million in USDC through Uniswap.
In the blockchain explorer Etherscan the address is labeled as “grant provider” and, at the time of writing, holds tokens worth about $415,500.
According to DeFi Llama, Ethereum Foundation owns 316,140 ETH worth about $500 million.
In April 2022, the organization reported treasury funds of $1.6 billion. At 80.5% assets consisted of ether — 0.297% of the total supply of the coin or $1.294 billion. The treasury held $11 million in other cryptocurrencies and $302 million in investments unrelated to digital assets.
For the 2021 financial year, the organisation’s expenses totaled $48 million.
Sales by the Ethereum Foundation have repeatedly been linked to moves in ETH’s price. For example, on May 6 the foundation transferred around 15,000 coins to Kraken. From a local high of $1,993, the price declined to around $1,800 within a few days.
On November 11, 2021, the organisation sent 20,000 ETH to Kraken. The operation followed the cryptocurrency’s all-time high of $4,878.
Earlier, Cardano founder Charles Hoskinson accused Ethereum of plagiarism.