Ethereum Foundation's Exchange of $2.7M ETH Temporarily Shakes Market

By: Eliza Bennet

The Ethereum Foundation carried out a conversion of $2.7 million worth of ETH tokens, causing a temporary sell-off event in the marketplace. Although a minor transaction in comparison to its past activities, the foundation's action is observed to often precede a bearish market trend.

The Ethereum Foundation periodically sells tokens to cover operational costs. This activity, though routine, tends to leave a short-term impact in the market avenues. This transaction, executed via Uniswap, is viewed by some as a possible bearish indicator for the Ethereum market.