Ethereum

JUST

Uniswap

Foundation

USDC

<div class="watcher-guru">
 <p>The Ethereum Foundation has liquidated approximately 1,700 ETH worth $2.76 million into the stablecoin USDC, according to transaction data from analytics firms.</p>
 <p>The non-profit organization converted the Ethereum directly into <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a> via the Uniswap decentralized exchange. The associated wallet now holds around $3.7 million in assets, including 240 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> along with <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>, DAI, and ARB tokens.</p>
 <p>The foundation’s <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> reserves have declined from 395,000 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> in Q1 2022, equal to 0.3% of total Ethereum supply. However, it still retains substantial holdings.</p>
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    <p lang="en" dir="ltr">JUST IN: Ethereum Foundation sold 1,700 ETH for $2.74 million $USDC.</p>— Watcher.Guru (@WatcherGuru) October 9, 2023
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 <h2 class="wp-block-heading" id="h-ethereum-foundation-s-reasons-for-eth-sale-are-unclear">Ethereum Foundation’s reasons for ETH sale are unclear</h2>
 <p>While the reasons for the sale are unclear, the converted amount seems to align with funding the foundation’s ongoing operations, including research grants.</p>
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 <p>In 2021, total expenses amounted to $48 million, including developer grants aimed at improving Ethereum infrastructure. Ongoing bear market conditions may have necessitated liquidating portions of ETH reserves to maintain funding.</p>
 <p><strong>Also read:&nbsp;Ripple vs. SEC: Lawyer’s Predictions Point to a Potential 2027 Resolution</strong></p>
 <p>The converted ETH amounts to a small fraction of holdings prudently utilized to further Ethereum’s growth during challenging markets.</p>
 <p>While the <a rel="noopener noreferrer nofollow" title="Ethereum Foundation" href="https://thebittimes.com/tag/ethereum-foundation.html">Ethereum Foundation</a> still holds substantial assets, its activities are impacted by price declines like any other entity.&nbsp;<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> has dropped below $1,600 at press time, with a 2.4% drop in value over the last 24 hours. According to CoinMarketCap data, <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> is trading at $1,592.</p>
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  <li>ETH</li>
  <li>Ethereum Foundation</li>
  <li>USDC</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-foundation-sold-1-700-eth-for-2-74-million-usdc-tbt65666.html">https://thebittimes.com/ethereum-foundation-sold-1-700-eth-for-2-74-million-usdc-tbt65666.html</a></p>

Ethereum Foundation Sold 1,700 ETH for $2.74 Million USDC

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