The Ethereum Foundation, a non-profit organization responsible for developing and promoting, has converted 1,700 ETH worth $2.76 million to Circle’s stablecoin.
Crypto analytics firm Scopescan reported the transaction this morning as the foundation converted Ethereum for USDC via.
In a report from April 2022, the Foundation disclosed it had around 395,000 ETH representing 0.297% of Ethereum’s total supply by Q1 2022.
According to the report, the Foundation spent a total of $48 million in research and development and grants to developers working on Ethereum during the financial year 2021.
According to DeFiLlama data, the organization holds 316,488 ETH worth $502.7 million.
The Foundation did not immediately respond to Decrypt’s request for comment.
Previous instances when the Foundation moved its tokens to crypto exchanges were followed by declines in the price of Ethereum.
On May 6, 2023, for example, the Ethereum Foundation transferred nearly 15,000 ETH worth $28.5 million to the Kraken cryptocurrency exchange, marking a local top.
At the time, Ethereum was trading at $1,900, before dropping a few months later. the following months.
Roughly 18 months prior, the Foundation transferred 20,000 ETH worth $95 million to Kraken on November 11, 2021, once again, coincidentally marking a top in Ethereum’s price of around $4,700.
Then in May 2021, the organization transferred just over 35,000 ETH worth $123 million.
Ethereum’s price dropped from above $3,500 to lows of around $1,825 per CoinGecko data within weeks of the transfer.
Notably, the amount of ETH sold this morning is worth comparatively less at $2.76 million.
Ethereum was last changing hands at $1,595, 1.6% lower since yesterday per CoinGecko.