As of Jan. 22, The Ethereum Foundation, supporting the Ethereum (ETH) ecosystem, has executed a substantial ETH swap amid the cryptocurrency’s declining value.
The organization reportedly exchanged over $1.5 million worth of ETH for the DAI stablecoin, initiating the swap just before ETH’s price fell below $2,400.
According to data from Etherscan, the ETH Foundation sold 700 ETH on Cow Protocol, amounting to $1.68 million when ETH was priced at $2,409. In return, the organization acquired 1.68 million DAI tokens. This move coincided with significant declines in today’s trading session.
Ethereum Whales Trigger $122 Million Sell-Off
Additionally, substantial activity by major ETH whales indicates a potential sell-off that could further impact prices. According to Whale Alert, a recent transaction involved the dumping of 27,729 ETH, valued at $66.19 million, to Binance from an undisclosed wallet.
— Whale Alert (@whale_alert) January 22, 2024
Another transfer saw 10,000 ETH, worth $23.88 million, moved to Binance, and 13,343 ETH (worth $31.94) million) was offloaded to Coinbase from an unknown wallet.
— Whale Alert (@whale_alert) January 22, 2024
These three transactions accounted for a total ETH dump of $122.15 million within five hours. Approximately 15 hours before these transactions, a significant $151.02 million worth of ETH was moved to Bitfinex.
According to Spot On Chain data, with an average price of $2,422 per coin, the Ethereum Foundation has sold 800 ETH for 1.937 million DAI in the last six days.
The #Ethereum Foundation appears to have sold another 700 $ETH for 1.684M $DAI at ~$2,406 via two addresses 0xbc9 and 0xd77 in the past 40 minutes.
Overall, in the past 6 days, Ethereum Foundation has sold 800 $ETH for $1.937M $DAI at $2,422 on average.
For updates on the… https://t.co/8sTk6ZeUxy pic.twitter.com/mDhOBJYZCS
— Spot On Chain (@spotonchain) January 22, 2024
The recent decline in ETH’s price, dropping to $2,345, reflects a 5.77% decrease in 24 hours at the time of reporting. The cryptocurrency held a market cap of $285.89 billion.
