The Ethereum Foundation, in its most substantial single transaction of the year, has utilized the decentralized cryptocurrency exchange Uniswap to sell 1,700 Ether ($ETH), amounting to $2.73 million in USDC.
Ethereum Foundation's Year of Sales
On-chain monitoring service Spot On Chain reported that this sale brings the Ethereum Foundation's total ETH sales for the year to 2,262 tokens, with the majority of sales taking place before cryptocurrency market downturns.
However, data from the Ethereum blockchain reveals that the Ethereum Foundation still holds over $500 million worth of the second-largest cryptocurrency by market capitalization in its wallet. Additionally, they possess over $340,000 worth of wrapped Ether ($WETH), $38,000 of $DAI, $9,700 worth of $BNB, and various other altcoins.
Transparency in Ethereum Foundation's Finance
The Ethereum Foundation's sale follows Ethereum co-creator Vitalik Buterin's transfer of $3.79 million worth of the cryptocurrency to centralized trading platforms. The Ethereum Foundation has a history of transparency when it comes to its finances, regularly publishing reports on its holdings and activities.
This recent transaction is anticipated to be included in the organization's forthcoming report and coincided with a dip in the cryptocurrency market, partly triggered by the ongoing conflict in Gaza following an attack on Israel by Hamas.
Ethereum Futures ETF Launch
In the context of these events, the Ethereum futures exchange-traded funds (ETFs) were launched in the United States just a week prior. However, unlike the initial excitement and trading volume generated by the first Bitcoin (BTC) futures ETF, ProShares' BITO, in October 2021, Ethereum's ETFs had a more subdued reception.
David Duong, Head of Coinbase Research, pointed out that the top ETH futures ETFs collectively saw less than $1.5 million in trading volume on their debut day, in stark contrast to BITO's more than $1 billion in trading volume on its first day, according to Bloomberg data. Additionally, the net inflow into these ETH futures ETFs was less than 2% of BITO's inflow.
The Ethereum Foundation's recent sale, in the midst of these developments, underscores the organization's active role in managing its assets and maintaining transparency while participating in the dynamic cryptocurrency market.