According to @PeckShieldAlert, on-chain data reveals the Ethereum Foundation's development arm (EFDev) has been active in moving its ETH holdings. Over the past two months, it internally transferred 21,000 ETH to a related Gnosis Safe Proxy address. From this proxy, 7,000 ETH was further transferred to another address, and a separate transaction saw 1,210 ETH swapped for 3.5 million USDC. For traders, this activity, particularly the conversion of ETH to a stablecoin like USDC, can be interpreted as selling pressure or the foundation securing funds for operational expenses, potentially impacting ETH's market sentiment.