Ether Foundation Puts Pressure on Market with $1.68 Million in ETH Sales

The price of Ether has fallen by more than 4% in the past day due to tremendous selling pressure.

According to crypto analytics firm Arkham Intelligence, the Ether Foundation, a non-profit organization dedicated to the blockchain network ecosystem, sold off $1.6 million worth of ETH.Bitcoin Miner

According to data from the platform, the foundation sold 700 ETH using the CoW protocol and received $1.6 million in DAI stablecoins. The funds were then transferred to the address “0x9ee…313D”, which is recognized by Etherscan as a funding provider.

This transaction probably took place when the ETH was valued at around $2,400, and is very similar to the previous transaction on January 16th. In that transaction, the foundation exchanged 100 ETH for $253,000, and the funds were transferred directly to the funder’s wallet.

Despite these recent sales, the Ether Foundation still retains a large cryptocurrency portfolio. It currently holds 312,894K ETH, worth about $747.4 million, and 31,2K WETH, worth about $74.65 million. Other assets it owns include $1.96 million in DAI, $113.61 million in USDC, and $72.97 million in BUSD.

Given the Foundation’s large ETH holdings, its trading activity tends to influence the price movement of assets. As a result, market observers often monitor its transactions for potential insights into the organization’s plans.

As a result, on-chain data shows that the Ether Foundation’s recent selling activity has resulted in a 4.3% drop in the price of Ether, which is currently trading at $2,386 at the time of writing.ETC mining

Ether Dencun Upgrade

Interestingly, these funding movements coincide with the recent launch of the Dencun upgrade on January 17th on the EtherNet test network Goerli. The upgrade is designed to mitigate Gas fees and increase transaction speeds by improving the network’s Layer 2 aggregation.

The upgrade is the most technological advancement to the blockchain network since the Shapella hard fork allowed for the withdrawal of pledged ethereum (stETH).

However, a bug caused a delay of about four hours in the network’s startup, and the issue was then fixed with a patch that allowed the network to run smoothly.

According to Dencun’s testing program, the next phase of development will take place soon, with upgrades to the Sepolia test network and Holesky test network planned soon.