Ethereum Foundation Sells 7,500 Ethereum (ETH) for $14.5 Million in Five Days

An Ethereum (ETH) Foundation-linked wallet has sold just over half of the 17,784 Ethereum (ETH) it received in August 2025, and the bulk of those disposals came in the past five days. On-chain records show the address converted 7,500 ETH into roughly $14.5 million of USDS across six swaps on CoWSwap between Nov 10 and Nov 14, leaving a balance of about 7,500 ETH. Onchain Lens, an account that tracks large on-chain transfers, flagged the last swap, in which 2,500 ETH converted into about $4.6 million of USDS at 23:17 Taiwan time on Nov 14, an implied price near $1,839 per coin. The rest of the week's trail is granular. Roughly 1,000 ETH left on the morning of Nov 10 for about $2.13 million, and another 1,000 ETH went out early on Nov 11 for about $2.03 million. Two 1,000 ETH blocks exited within two minutes on the afternoon of Nov 13, together fetching about $3.87 million, and a further 1,000 ETH moved on Nov 14 morning for about $1.9 million. The implied execution price slid across the week, from roughly $2,127 per coin on Nov 10 to $2,025 the next day, $1,933 on Nov 13 and $1,898 on Nov 14 morning. Six sales across five days, rather than a single block trade, spread the disposals through the week. CoWSwap, a decentralized interface whose smart contract batching settles trades without a central order book, handled each conversion into USDS, a dollar-pegged stablecoin issued by the Sky protocol. The selling ran into a falling tape: the ETH price sits near $1,835 on our live monitoring, down 4.5% over the past 24 hours. Part of the stablecoin proceeds was subsequently forwarded to a multisig Safe wallet, and the Foundation's official account had not commented on the transactions as of publication.

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A Treasury Policy Set in June 2025

The address has a longer history than this week's swaps. It received approximately 17,784 Ethereum (ETH) in August 2025, and on Oct 26 it had already sold about 2,785 ETH across five transactions. Stacked together, the October round and this week's 7,500 ETH bring cumulative disposals to 10,285 ETH, about 58% of the original deposit, with roughly 7,500 ETH still on the wallet. A public block explorer lets anyone retrace the trail transfer by transfer; our guide to reading the Ethereum blockchain walks through the basics. The Foundation has framed sales of this kind as routine since June 2025. Its Ethereum treasury policy, published that month, states that the organization periodically measures the gap between its fiat assets and a target reserve, then decides for the coming quarter whether to sell ETH and in what size, typically through fiat off-ramps or on-chain conversion into fiat-denominated assets. The same policy sets annual operating expenses at 15% of the treasury, holds a fiat reserve covering 2.5 years of spending, and commits the organization to bringing annual expenses down to 5% of the treasury within five years. In practice, the size of each quarterly sale tracks how much fiat the reserve has paid out for operations, not a view on where the market is heading. The Foundation funds development of the proof-of-stake network, from client teams to research on validator economics, out of that treasury. Market pressure has compounded the optics. The disposals came as pressure spread through the wider altcoin market: United States spot ETF vehicles recorded about $400 million of net outflows this week, a sixth consecutive weekly exit, after logging a sixth straight daily exit of $70.5 million on Nov 13. No fresh statement from the Foundation accompanied the individual swaps; the June policy is the only standing explanation on record.

Read against the composite scoring behind our Ethereum technical analysis, the market around these sales looks oversold rather than broken. The nearest support at $1,816.92 scores 59 out of 100, while the strongest resistance overhead at $1,969.62 scores 92 out of 100. Momentum is stretched, with RSI near 20.95, and perpetual funding prints at -0.0037%, a mildly negative tilt in leveraged positioning. A sustained break under $1,816.92 would deepen the downtrend our trend model already flags; a reclaim of $1,969.62 would be the first sign of repair. Structurally, the flow is what matters: the Foundation has converted 10,285 of its 17,784 Ethereum (ETH) into fiat-denominated assets, and about 7,500 ETH, roughly 42% of the deposit, is what remains on the wallet.