Ether prices fell by 1.8% in the past 24 hours after the Ethereum Foundation sold 1,700 ETH for USDC on the decentralized exchange Uniswap. The sale was confirmed by Arkham data, which shows that the wallet associated with the Ethereum Foundation swapped the ETH for $2.7 million in USDC.
The Ethereum Foundation is a non-profit organization that supports the development of the Ethereum network. It is not an official entity or a centralized group that controls what happens on the chain. However, the Ethereum Foundation is very influential and can impact token prices and the overall outlook of Ethereum among investors and developers.
The Ethereum Foundation did not publicly reveal why it sold the ETH, but traders interpreted the move as a sign that the foundation is concerned about the current market conditions. The cryptocurrency market has been in a bear market for most of 2023, and ETH prices have fallen by over 70% from their peak in November 2021.
The Ethereum Foundation still holds a significant amount of ETH, but the recent sale suggests that the foundation is becoming more cautious about its holdings. This could have a negative impact on ETH prices in the short term, but it is important to note that the Ethereum Foundation is still committed to the long-term success of the Ethereum network.