• The non-profit arm of the Ethereum Foundation sold some of its holdings.
• Traders opened more short positions moments after the sale.

On-chain data from Arkham Intelligence showed that the Ethereum [ETH] Foundation sold 1,700 ETH, and exchanged it for 2.7 USD Coin [USDC] on 9 October.  

How much are 1,10,100 ETHs worth today?

According to the foundation’s wallet 0x9eE457023bB3De16D51A003a247BaEaD7fce313, the sell-off took place on the Uniswap [UNI] exchange.

However, the foundation did not abruptly sell the altcoins without a prior plan. According to Arkham, the non-profit organization sent the coins from its Gnosis Safe Proxy wallet five days ago. 

Few ETH left in the wallet

Commonly used by Decentralized Autonomous Organizations (DAOs), a Gnosis Safe is a smart contract multi-sig wallet running on Ethereum that requires a minimum number of people to approve a transaction.

After the sale, Ethereum returned 494,000 USDC to the foundation’s wallet before resending it to the Gnosis Safe. Also, the assets left on the Ethereum Foundation wallet include 240.67 ETH, 49,658 DAI, 10,125 ARB, and 7,096 USDC.

However, a look at the foundation’s X (formerly Twitter) page showed that it was unclear why the coins were sold.

ETH immediately felt the impact of the sale as the price dropped by 1.45 % within 2 hours that the action took place. As a result, the coin price fell below th

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Author: Victor Olanrewaju

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