Ethereum has continued to be a seller of ETH, selling the most recent 450ETH for 1.02 million DAI.
SpotOnChain’s analytics platform reports that the Ethereum foundation, which is the largest non-profit supporting the Ethereum blockchainShed 450 ETH The company then swapped the stablecoin DAI.
The transaction was triggered by the sale of 100 Ethereum for 241,000 DAI On Sept. 5, the Foundation sold 3066 ETH, bringing its total revenue for 2024 up to that amount.
On September 6, 2016, the Foundation transferred Another 1,000 ETH worth $2.38m was sent to a multi-signature wallet. This is expected to be exchanged for stablecoins. Next, 1000 ETH was transferred the following day.
The year is still young, but so far the Ethereum Foundation The wallet currently holds 274,012 Ethereum across seven wallets worth about $637,000,000.
Last month wallets connected to Vitalik Buterin (co-founder Ethereum) were discovered transferred a total of 3,800 ETH, worth about $9.99 million, to a multi-signature wallet—3,000 ETH on Aug. 9 and another 800 ETH on Aug. 30. Since then 760 ETH was transferred to the recipient wallet. sold For 1.835 Million USDC, at $2.414 USDC per ETH.
Buterin has denied the accusations. denied these claimsDeclaring that the money was intended to be used for ecosystem development and charitable efforts.
The insiders give clarification
Although the Ethereum foundation hasn’t commented officially on its recent ETH sale, some insiders believe that this transaction is in line with Ethereum’s standard financial strategies.
Aya MIYAGUCHI, executive director of Ethereum Foundation has previously explained that the foundation’s annual budget of around $100 million is primarily used for operational costs, grants, and salaries—expenses that often require fiat currency. The Foundation converts some of the ETH it holds into DAI to meet its needs.
“There will be planned and gradual sales,” Miyaguchi remarked at the time.
Justin Drake, a researcher at the Ethereum Foundation disclosed A financial report will be released by the foundation “soon,” It is anticipated that this will provide additional insights into the recent sales.
ETH is currently 11.9% lower than it was 30 days ago. The price of ETH has been affected by recent sales, with the flagship altcoin currently down 11.9% over the past 30 days. fear These sales could lead to further price reductions.
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Source: crypto.news
