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Ethereum Foundation Just Sold Millions in ETH Before Price Made Another Drop

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Mon, 9/10/2023 - 12:33
Ethereum Foundation Just Sold Millions in ETH Before Price Made Another Drop
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According to various on-chain data sources, earlier today, Ethereum Foundation transferred a substantial amount of Ethereum (ETH) to Uniswap DEX. A total of 1,700 ETH was sold for 2.738 million USDC.

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The sale was made at $1,611 per coin. Currently, ETH is changing hands at $1,590. Curiously, right after the sale, the ETH price slipped by 1.45%. Overall, today, the second-largest digital currency dropped nearly 3%, falling from $1,636 to the $1,591 level on the Bitstamp exchange. 

Ethereum and the majority of other altcoins are currently going down, following the Bitcoin price dropping from $27,790 to the $27,500 zone. This was largely caused by the Stars Arena hack for nearly $3 million in crypto, as well as a recent turn in geopolitical events.

After the aforementioned sale, the wallet linked to the Ethereum Foundation contains 240.68 ETH, 3.2 million USDC, 49,700 DAI stablecoins and 10,000 ARB. All of these crypto assets are worth $3.687 million in total.

Over the weekend, a similar event took place. As reported by U.Today, Ethereum cofounder and frontman Vitalik Buterin sold 1,000 ETH worth $1.64 million in fiat on the Bitstamp exchange. This was not the only ETH sale made by the Canadian programmer with Russian roots.

Over the past two months, approximately 4,400 ETH were transferred from this blockchain address of Buterin to Bitstamp. This amount of Ether is evaluated at $7.23 million.

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Aside from that, over the past two months, Vitalik also sent around 1,000 ETH in two chunks to the Coinbase exchange.

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