Ethereum Foundation Swaps 700 ETH for 1.684m DAI

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.

https://twitter.com/whale_alert/status/1749389314037785012?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

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.

https://twitter.com/whale_alert/status/1749421442049937512?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

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.

https://twitter.com/spotonchain/status/1749367499303612569?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

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.