Ethereum

Uniswap

Foundation

Gnosis

Coin

The Ethereum Foundation exchanged 1700 <a href="https://cryptoslate.com/coins/ethereum/" rel="noopener noreferrer nofollow">ETH</a> on Uniswap for $2.738 million worth of USD Coin (<a href="https://cryptoslate.com/coins/usd-coin/" rel="noopener noreferrer nofollow">USDC</a>) today, Oct. 9., at an average price of $1,611, according to on-chain <a href="https://etherscan.io/address/0x9ee457023bb3de16d51a003a247baead7fce313d" rel="noopener noreferrer nofollow">data</a>.
In the trading day since, ETH saw its price tumble as low as $1,553 before seeing a slight recovery to $1,577, where it stood at press time.
The Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/address/0x9eE457023bB3De16D51A003a247BaEaD7fce313D" rel="noopener noreferrer nofollow">dashboard</a> reveals that the Foundation received 1,700 ETH from a Gnosis Safe Proxy wallet. This ETH was subsequently converted into stablecoin via the Uniswap decentralized exchange (DEX). Later, the Foundation returned $3.23 million in USDC to the Gnosis wallet.
The Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/address/0x9eE457023bB3De16D51A003a247BaEaD7fce313D" rel="noopener noreferrer nofollow">dashboard</a> reveals that the Foundation holds digital assets worth $454,482 in its wallet, including 240.68 ETH valued at $390,000, 3.238 million USDC, 49,700 DAI, and 10,000 ARB tokens worth $8500.
<h2 id="buterin-s-dumping-spree">Buterin’s dumping spree</h2>
The Ethereum Foundation transactions are coming on the heels of similar moves made by the blockchain network’s co-founder, Vitalik Buterin.
On Oct. 7, on-chain analyst Lookonchain <a href="https://x.com/lookonchain/status/1710541733627605229?s=20" rel="noopener noreferrer nofollow">reported</a> that an address “0xD04daa” related to Buterin transferred 1000 units of ETH (worth $1.64 million) into Bitstamp, a centralized crypto exchange.
According to the analyst, the same address has deposited 4,400 ETH, more than $7 million to Bitstamp in the last two months.
Before that, CryptoSlate had also <a href="https://cryptoslate.com/vitalik-buterin-has-transferred-over-1-8k-eth-to-exchanges-this-year-still-holds-almost-250k-eth/" rel="noopener noreferrer nofollow">reported</a> that the Ethereum co-founder had consistently transferred his ETH holding to exchanges at different periods this year.
For context, Buterin sent over 1,000 ETH to exchanges, unknown addresses, and a Gnosis Safe Proxy wallet during a seven-day period in September. Before that, he had transferred 600 Ether to Coinbase in August and <a href="https://twitter.com/PeckShieldAlert/status/1635271154213744641" rel="noopener noreferrer nofollow">200 ETH to Kraken</a> in March.
Despite these recent sales, Buterin still maintains a significant Ethereum holding. <a href="https://platform.arkhamintelligence.com/explorer/entity/vitalik-buterin" rel="noopener noreferrer nofollow">Data</a> from the Arkham Intelligence dashboard reveals his ownership of approximately 250,000 ETH units, valued at around $400 million, within his cryptocurrency wallet.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/ethereum-experiences-rocky-trading-day-after-ethereum-foundation-selloff/">Ethereum experiences rocky trading day after Ethereum Foundation selloff</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Ethereum experiences rocky trading day after Ethereum Foundation selloff

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