As a seasoned crypto investor with over a decade of experience under my belt, I find the Ethereum Foundation’s recent move to offload 100 ETH for DAI intriguing. While it might seem like a simple transaction on paper, the implications are far-reaching for the Ethereum ecosystem and the broader crypto market.
On November 12, the Ethereum Foundation chose to exchange 100 Ether for DAI, marking the first instance they’ve traded Ether since publishing their annual report.
Based on information from SpotOnChain analytics platform, on November 12th, the Ethereum Foundation sold 100 ETH and acquired an equivalent amount of the stable coin DAI. As a result, they received approximately 334,315.7 DAI tokens in return.
This is the first instance since November 8th, when the blockchain published its 2024 annual report, that it has carried out an ETH sale. This transaction took place after selling 100 ETH for approximately 270,800 DAI on October 30th, as per data from SpotOnChain.
During the month of October, the Ethereum Foundation carried out four consecutive transactions, each involving 100 Ether. Moreover, another wallet associated with the Ethereum Foundation transferred 1,250 Ether (equivalent to approximately $3.03 million) to Bitstamp on October 8th.
Approximately 25 minutes ago, the Ethereum Foundation made a sale of 100 Ether for approximately 334,315.7 DAI. This is the first such sale since the Ethereum Foundation released its 2024 report on November 8, which showed total assets reserves standing at $970.2 million as of October 31, with a vast majority (99.45%) being in Ether.
— Spot On Chain (@spotonchain) November 12, 2024
According to a report published by the Ethereum Foundation in October 2024, they have approximately $970.2 million in asset reserves, with around $788.7 million of that being held in cryptocurrency. The organization states that over 99.45% of their cryptocurrency holdings are Ethereum (ETH), which amounts to 0.26% of the total ETH supply.
As a researcher, I’ve been delving into the details provided by SpotOnChain, and here are some key findings regarding the Ethereum Foundation’s digital assets: Currently, they possess approximately 272,330 ETH and 168,458 DAI tokens. Interestingly, on September 9th, the Ethereum Foundation had amassed a total of 8,660,000 DAI after selling around 450 ETH for a staggering 1,029,000 DAI.
Initially, Vitalik Buterin, one of Ethereum’s co-founders, stated that the Ethereum Foundation occasionally sells Ether (ETH) to finance public initiatives and maintain a reserve. As of early 2024, the foundation has sold a total of 4,266 ETH, equating to approximately $11.83 million at current prices.
On October 7th, Buterin disposed of 10 billion MOODENG tokens, using the earnings to support his biotech venture, Kanro. He also championed the idea of utilizing meme coins for beneficial contributions to charitable endeavors.
Many have accused the Ethereum co-founder of selling ETH to gain profits, but he has consistently denied these claims, stating the funds were for supporting ecosystem development and philanthropic efforts.
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2024-11-12 14:54