The Ethereum Foundation exchanged 1700 ETH on Uniswap for $2.738 million worth of USD Coin (USDC) today, Oct. 9., at an average price of $1,611, according to on-chain data.

In the trading day since, ETH saw its price tumble as low as $1,553 before seeing a slight recovery to $1,577, where it stood at press time.

The Arkham Intelligence dashboard reveals that the Foundation received 1,700 ETH from a Gnosis Safe Proxy wallet. This ETH was subsequently converted into stablecoin via the Uniswap decentralized exchange (DEX). Later, the Foundation returned $3.23 million in USDC to the Gnosis wallet.

The Arkham Intelligence dashboard reveals that the Foundation holds digital assets worth $454,482 in its wallet, including 240.68 ETH valued at $390,000, 3.238 million USDC, 49,700 DAI, and 10,000 ARB tokens worth $8500.

Buterin’s dumping spree

The Ethereum Foundation transactions are coming on the heels of similar moves made by the blockchain network’s co-founder, Vitalik Buterin.

On Oct. 7, on-chain analyst Lookonchain reported that an address “0xD04daa” related to Buterin transferred 1000 units of ETH (worth $1.64 million) into Bitstamp, a centralized crypto exchange.

According to the analyst, the same address has deposited 4,400 ETH, more than $7 million to Bitstamp in the last two months.

Before that, CryptoSlate had also reported that the Ethereum co-founder had consistently transferred his ETH holding to exchanges at different periods this year.

For context, Buterin sent over 1,000 ETH to exchanges, unknown addresses, and a Gnosis Safe Proxy wallet during a seven-day period in September. Before that, he had transferred 600 Ether to Coinbase in August and 200 ETH to Kraken in March.

Despite these recent sales, Buterin still maintains a significant Ethereum holding. Data from the Arkham Intelligence dashboard reveals his ownership of approximately 250,000 ETH units, valued at around $400 million, within his cryptocurrency wallet.