Ethereum Foundation's Recent ETH Sale and Its Impact on Price
Ethereum Foundation's Recent Sale
The Ethereum Foundation recently sold 1,700 ETH, impacting the cryptocurrency's trading price. The sale was executed at $1,611 per ETH, totaling $2.74 million in USDC. This transaction caused Ethereum's price to slightly decrease to $1,614.
Historical Trends and Transactions
The Foundation's large-scale ETH transactions have historically influenced market prices. Notably, a transfer of 15,000 ETH in May 2023 coincided with a local price peak followed by a decline. Similarly, a significant transfer of 20,000 ETH in November 2021 occurred during Ethereum's peak at $4,700. In May 2021, a transfer exceeding 35,000 ETH resulted in a substantial price drop from above $3,500 to around $1,825.
Current Holdings and Market Position
According to DeFiLlama, the Ethereum Foundation maintains a robust holding of approximately 316,488 ETH, valued at about $502.7 million. Previously, in Q1 2022, the Foundation held around 395,000 ETH, representing 0.297% of the total supply. In 2021, it allocated $48 million for research and development and grants, showcasing its commitment to Ethereum's growth.
Market Impact and Analysis
Following the recent transaction, Ethereum's trading price stood at $1,595, marking a 1.6% decrease from the previous day. This pattern highlights the sensitivity of Ethereum's market price to the Foundation's financial maneuvers.
Understanding these trends and transactions can offer insights into Ethereum's market dynamics and the potential impact of future Foundation activities.
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