In the most recent few hours, ether prices fell by about 1.5% as traders appeared to respond to a wallet that appeared to belong to the Ethereum Foundation and that had sold some of its allotted tokens.According to Arkham data, the wallet “0x9eE457023bB3De16D51A003a247BaEaD7fce313D” exchanged almost 1,700 ETH for $2.7 million in USDC on Monday.As of Monday morning, the wallet is listed as a “Grant Provider” on the blockchain tracking website Etherscan and contains tokens valued at about $400,000.
At the time this article was being written, the Ethereum Foundation had not made known its plans for the money in detail.Despite this, traders responded to the move, with ETH seeing losses of 1.8% over the past day and leading a sliding slump for all major tokens.
Although it creates programs and applications for the Ethereum network, the Ethereum Foundation is not a formal organization or a centralized body that manages what occurs on the chain.Token pricing or Ethereum’s fundamental view among investors or developers can be impacted by it, nevertheless, as it continues to have a significant influence. It has roughly $300 million in non-crypto investments as of April 2022, and it held almost $1.29 billion in ether (ETH), or more than 0.297% of the market cap of ether at the time.