The price of Ether is down about 1.5% in the last few hours (October 10, 2023) as traders seem to be reacting to wallets that appear to belong to the Ethereum Foundation selling some of their allocated Ethereum.
Wallet 0x9eE457023bB3De16D51A003a247BaEaD7fce313D sold over 1,700 ETH worth $2.74 Million in USDC on Dex Uniswap on Monday, according to Arkham data. The wallet is marked as “Grant Provider” on the Etherscan blockchain tracker and holds nearly $400 Thousand worth of ETH.
At the time of this news release, the Ethereum Foundation had not publicly disclosed the specifics of their purpose for doing this. However, traders reacted to the move, increasing ETH’s losses to -1.8% in the last 24 hours, leading the decline among the top cryptos by market cap.
The Ethereum Foundation develops applications and programs for the Ethereum network, but is not an official entity or group that controls what happens on the Ethereum blockchain. However, it is still very influential on the token price or the view of Ethereum among investors or developers.
As of April 2022, they held nearly $1.29 Billion USD of ether (ETH) or more than 0.297% of the total ether supply at the time, and about $300 Million USD in non-crypto investments.
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