In a recent transaction, the Ethereum Foundation has reportedly sold another 550 Ethereum ($ETH) over the past four days, amounting to approximately $1.28 million. Data from Spot On Chain indicate that the foundation sold 450 $ETH a few hours ago and received 1.029 million DAI – a stablecoin linked to the U.S. dollar. This takes the total $ETH sold by the foundation in the recent past to 550, with the sale price averaging $2,324 $ETH.
Ethereum Foundation Sells Assets Amid Vitalik Buterin’s Recent Sale
The core Ethereum developers who manage the network and its evolution make periodic organizational financial decisions including selling Ethereum. Such sales are usually followed with interest within the cryptocurrency community or the overall Ethereum ecosystem, given the standing of the foundation.
This latest sale happens at the time when Ethereum’s co-founder, Vitalik Buterin, has also sold some Ethereum coins. Though the reasons behind the foundation selling have not been revealed, such actions usually entail the need to finance new projects, research and other expenses that may be incurred within the development of the Ethereum network.
Investors Watch Closely After Ethereum Foundation’s $ETH Sale
The sale has drawn interest not only from investors and market analysts but also others who tried to predict the effects that this sale may have on Ethereum market price. To date, there are no signs of market change, but the actions of the foundation are under close scrutiny to detect any changes.
This transaction, highlighted by Spot On Chain, represents the daily operations that involve the Ethereum network and key participants, which is interesting to investors and the blockchain sector as a whole.
Source: https://blockchainreporter.net/ethereum-foundation-sells-another-1-28m-worth-of-eth/