Ether dropped 4% after blockchain observers flagged a $1.6M sale of ETH for DAI by the Foundation.
Early Monday morning, a blockchain address associated with the Ethereum Foundation sold $1.6M worth of ETH.
According to on-chain data provider Arkham Intelligence, the wallet swapped a total of 700 ETH for DAI through four transactions on the Cow Protocol at an average price of $2,406.
ETH dropped 3% on the news and has suffered a 6% drop on the week, last changing hands for $2,370, according to Coingecko.
There’s no shortage of speculation regarding the reason for the Ethereum Foundation offloading ETH – although it still holds more than $738M in Ether.
The organization had not issued a public statement at the time of writing.