In the midst of an eventful week for the cryptocurrency world, Ethereum took the spotlight with a significant sale.
On Oct. 9 2023, a wallet affiliated with the Ethereum Foundation made headlines by selling 1,700 $ETH , as reported by Lookonchain. The transaction amounted to an impressive 2.74 million USDC, valuing each #ETH at $1,611, and the sale took place on Uniswap.
This move leaves the mentioned Ethereum Foundation address with a remaining balance of 240,678 ETH, along with 7,096 $USDC , 49,658 $DAI , and 10,125 $ARB tokens.
Following the headlines, crypto enthusiasts started speculating whether the Foundation's sale could mark a local top for the markets. In the past, the #Ethereum foundation successfully sold a chunk from its wallets at local tops as per the following graph.
With the news of the sale circulating around the internet, ETH's price took a 3% dump as the #ETH #BTC pair continues to struggle.