Ethereum Foundation Liquidates Its ETH Holdings for DAI Stablecoins, Bringing Selling Pressure to ETH Price
- PHPzOriginal
- 2024-09-06 03:26:10449browse
As per the on-chain data from Arkham Intelligence, the Ethereum Foundation address 0xd7…c1f4 executed a transaction selling 100 Ethereum coins
The Ethereum Foundation is once again swapping its ETH holdings for the DAI stablecoins. Earlier today, the Foundation swapped a total of 100 ETH for 241,000 DAI.
The latest swap by the Ethereum Foundation marks a continuation of its strategy to sell portions of its ETH holdings at regular intervals. As reported earlier, the Foundation has been selling ETH in tranches of 50-200 ETH at intervals of a few weeks.
According to the on-chain data from Arkham Intelligence, the Ethereum Foundation address 0xd7…c1f4 executed the transaction, selling 100 Ethereum coins for the DAI stablecoin using the Cow Protocol. The Foundation then transferred the 241,207 DAI to its new address.
This address has been linked to the Ethereum Foundation and has shown the pattern of swapping ETH for DAI at intervals of a few weeks throughout 2024. Each transaction typically amounts to between 50 ETH and 200 ETH.
Since January 1, the Ethereum Foundation has sold a total of 2,616 ETH for approximately 7.64 million DAI on decentralized exchanges (DEXs). The average sale price for the ETH transactions has been $2,922. The repeated use of Cow Protocol for these sales suggests a consistent strategy for managing Ethereum assets.
The recent swapping by the Ethereum Foundation has brought minor selling pressure to the ETH price, which lost the support of $2,400 as of press time. However, the price has recovered slightly and is now trading above the key support level.
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