According to U.Today, the cryptocurrency market experienced a significant downturn this week, with Ethereum (ETH) seeing a substantial drop of over 9.6% since the week started. This marks its lowest values since mid-February. Ethereum was priced at $2,950 per ETH, with the majority of this decline occurring on Tuesday, resulting in a weekly low of $2,817.
During this market turbulence, attention was drawn to a suspected Ethereum Foundation address, '0xd7,' which reportedly sold 100 ETH for 291,267 DAI via the Cow Protocol. This transaction was followed by a transfer of the acquired DAI to another suspected Ethereum Foundation address, '0x9e.' This address has been consistently exchanging ETH for DAI through the Cow Protocol recently.
The Ethereum Foundation is a nonprofit organization committed to advancing Ethereum and related technologies. Reports from Arkham indicate that the Foundation's known accounts currently hold 310,867 ETH, valued at $915.15 million. Excluding exchanges and select projects, the foundation is one of the largest altcoin holders, with assets estimated to exceed $1 billion. This includes holdings in WETH.E worth $91.87 million, and 329,239 DAI, some of which arrived in foundation addresses today.
The revelation that one of the foundation's key holders has sold a portion of their ETH holdings has led to speculation about its potential impact on Ethereum's future trajectory. The effects of such actions on the price of the main altcoin remain uncertain, leaving investors and enthusiasts with unanswered questions.
