Ethereum

Bitcoin

Foundation

USDC

Spot

<p><strong>So far this year, the Ethereum Foundation has sold a total of 2,262 ETH, often ahead of broader market declines. This likely represents the non-profit cashing out ETH to fund its ongoing development efforts for the Ethereum blockchain.</strong></p>
<p>The Foundation’s ETH reserves have now dropped to around 326,000, currently worth approximately $500 million. This is down significantly from over 1 million ETH held in 2018.</p>
<blockquote class="twitter-tweet">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> The Ethereum Foundation swapped 1,700 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> for 2.738M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDC</a> just 3 hours ago.<br><br>This marks their biggest swap of the year. In total, they've sold 2,262 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> in 2023, often ahead of market dips.<br><br>They currently hold 326K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> (approximately $500M).<br><br>Don't miss out on such… <a href="https://t.co/TQevyRhiG3" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/TQevyRhiG3</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1711343236189651281?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 9, 2023</a>
</blockquote>
<p>Monday’s sell-off comes as the crypto market endures another leg down, with ETH falling below $1,600 and Bitcoin struggling to hold above $27,500. Sentiment remains weak amid high inflation, recession fears, and the fallout from recent crypto bankruptcies.</p>
<p>The Ethereum Foundation appears to be taking advantage of remaining strength in ETH prices to accumulate more fiat reserves. This will help ensure it can weather any potential crypto winter and continue supporting Ethereum development and adoption long-term.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/ethereum-foundation-swaps-1700-eth-for-2-7m-usdc-as-price-slides-below-crucial-support-level/">Ethereum Foundation Swaps 1,700 ETH for $2.7M USDC as Price Slides Below Crucial Support Level</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Ethereum Foundation Swaps 1,700 ETH for $2.7M USDC as Price Slides Below Crucial Support Level

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