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The ethereum Foundation has maintained its eth selling streak this year, recently selling 450 eth for 1.029 billion DAI.
According to analytics platform SpotOnChain, on September 9, the ethereum Foundation, the main nonprofit organization supporting the ethereum blockchain, dumped 450 eth from its holdings and exchanged them for the DAI stablecoin.
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This transaction followed a sale of 100 eth for 241,000 DAI on September 5, bringing the Foundation’s total sales for 2024 to 3,066 eth.
In addition, on September 6, the Foundation transferred An additional 1,000 eth, valued at $2.38 million, was transferred to another multisig wallet, which will likely be exchanged for stablecoins. This was followed by another 1,000 eth transaction the next day.
So far this year, the ethereum Foundation has accumulated around 8.66 million DAI, while still holding 274,012 eth across seven wallets, worth approximately $637 million.
Last month, wallets linked to ethereum co-founder Vitalik Buterin transferred a total of 3,800 eth, worth around $9.99 million, to a multisig wallet: 3,000 eth on August 9 and another 800 eth on August 30. Since then, 760 eth has been transferred out of the receiving wallet. x.com/spotonchain/status/1832981226753532049″ target=”_blank”>sold for 1,835 million USDC at an average of $2,414 per eth.
The transfers sparked accusations that Buterin was selling eth for a profit, but he recently denied these claims, stating that the funds were intended to support ecosystem development and philanthropic efforts.
Experts offer clarifications
While the ethereum Foundation has not officially commented on its recent eth sales, insiders have noted that these transactions are in line with its standard financial strategy.
Aya Miyaguchi, executive director of the ethereum Foundation, has… x.com/AyaMiyagotchi/status/1827219654999470258″ target=”_blank”>explained The Foundation’s annual budget of around $100 million is primarily used to cover operating costs, grants, and salaries — expenses that often require fiat currency. To meet these needs, the Foundation strategically converts some of its eth holdings into stablecoins like DAI.
“There will be planned and gradual sales,” Miyaguchi said at the time.
Meanwhile, ethereum Foundation researcher Justin Drake has ethereum/comments/1f81ntr/comment/llmgnri/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button” target=”_blank”>revealed The foundation will release a financial report “soon” that is expected to provide more information on recent sales.
eth price has been feeling pressure from recent selling, with the flagship altcoin currently down 11.9% over the past 30 days. x.com/0xRetardio/status/1832378524331589721″ target=”_blank”>fear These sales could lead to further price declines.
