The Ethereum Foundation is putting pressure on the market with $1.68 million in ETH sales.

The Ethereum Foundation, a non-profit organization dedicated to the blockchain network ecosystem, liquidated $1.6 million worth of ETH, according to cryptocurrency analytics firm Arkham Intelligence.

Data from the platform shows that the foundation leveraged the CoW protocol to sell 700 ETH and obtain $1.6 million in DAI stablecoin. Afterwards, the funds will be sent to the address “0x9ee…” identified by Etherscan as the grant provider. 313D”.

This transaction, which may have occurred when ETH was worth around $2,400, is very similar to the previous transaction on January 16th. During this period, the foundation exchanged 100 ETH for $253,000 and the funds were also transferred to the grantor wallet.

Despite these recent sales, the Ethereum Foundation maintains a significant cryptocurrency portfolio. It currently holds 312.894K ETH worth approximately $747.4 million and 31.2K WETH worth $74.65 million. Additional holdings include $1.96 million in DAI, $113,610 in USDC, and $72,970 in BUSD.

Given the significant amount of ETH the Foundation holds, its trading activity often influences asset price movements. As a result, market observers often monitor trading to gain potential insight into an organization’s plans.

As a result of the Ethereum Foundation’s recent selling activity, the price of Ethereum fell 4.3%, and the current price of Ethereum is said to be trading at $2,386 as of press time. CryptoSlate’s data.

Ethereum’s Dencun upgrade

Interestingly, this funding movement coincides with the recent launch of the Dencun upgrade on Goerli, the Ethereum network’s testnet, on January 17th. This upgrade aims to alleviate gas fees and improve transaction speeds through improved layer 2 rollup of the network.

This upgrade is the most technological advancement the blockchain network has seen since the Shapella hard fork, which allowed withdrawals of staked ether (stETH).

However, after a bug delayed the network launch by about four hours, a patch fixed the issue and allowed the network to run smoothly.

Following Dencun’s testing schedule, the next phase of development will take place soon, with plans to upgrade to the Sepolia testnet and Holesky testnet.