Ethereum Foundation's crypto swap on Uniswap causes brief market fluctuation.
The Ethereum Foundation recently sold over 1,700 Ether (ETH) worth approximately $2.7 million, converting them into USDC. The transaction was executed on the Uniswap decentralized exchange from a wallet (0x9eE457023bB3De16D51A003a247BaEaD7fce313D) identified as belonging to the Foundation.
This sale of ETH by the Ethereum Foundation triggered a minor slump in the markets. Ether's price dipped around 1.5% within hours after the transaction, with the decline extending to 2.11% over 24 hours. The drop in Ether prices also led to a broader slide among other major coins.
While the Ethereum Foundation does not control the Ethereum network, it remains highly influential within the ecosystem. At the time of writing, the address holds 240.68 ETH, 7.096K USDC, ~49.6K DAI and ~10K ARB.
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