Ethereum (ETH) Wallet Tied to Foundation Sells 2,000 ETH for $3.87 Million

11,000 ETH Left in the Foundation-Linked Wallet

A wallet address tied to the Ethereum (ETH) Foundation sold another 2,000 ETH on Friday, a stash worth roughly $3.87 million, bringing cumulative sales from the address to 6,785 ETH since October 26. On-chain data shows the Friday sale went through CoW Swap, a decentralized trading venue built on smart contracts that settles orders through batch auctions, in two separate 1,000 ETH orders placed minutes apart. The same address moved 2,785 ETH, worth about $6.42 million at the time, on October 26, then sent two further batches of 1,000 ETH earlier this week, as the on-chain tracking account Lookonchain reported on X. After the latest sale, the crypto wallet holds around 11,000 ETH, worth roughly $21.3 million at current prices.

The sale landed during a rough stretch for the Ethereum (ETH) price. ETH dipped toward $1,939 earlier on Friday, down 5.17% over 24 hours at that point, before recovering to near $1,981 at the time of writing. The token is now trading back where its mid-August rally began: the last time Ethereum (ETH) sat this low, on August 18, it closed at $1,917.85, then broke out of its summer range the following day and climbed past $2,500 within a week. The October 26 tranche alone was larger than either of this week's batches, so the selling has come in irregular chunks rather than on a fixed schedule. On-chain tracking of Ethereum holdings has connected the recent Foundation-linked sales to the token's fresh weakness, and with about five more sales of Friday's size possible, scope for further supply from the Foundation's Ethereum treasury is intact. The wallet address's footprint, though, is modest next to the larger seller that has defined this month.

ETF Outflows Reach $695.9 Million in November

US spot Ethereum exchange-traded funds are the larger seller. Net outflows from the funds stand at $695.9 million in November so far, with money leaving in 7 of the 8 trading sessions this month. An ETF outflow means investors pulled more money from the funds than they put in, which forces fund managers to sell the Ethereum (ETH) backing the shares. These products hold ETH directly on behalf of institutional and retail investors, so redemptions translate into on-exchange sales. Fund-flow data shows their total net assets fell from $13.22 billion on October 30 to $11.65 billion by November 11, a drop of roughly $1.57 billion in under two weeks, and the pattern now spans six straight weeks of outflows. Set against the Foundation-linked wallet, the scale is stark. That address sold 4,000 ETH this month, worth about $8.03 million at the time; the ETF outflows amount to roughly 87 times that figure. Fund flows, not a single treasury wallet, are therefore the number that decides whether ETH holds its footing near current levels. Corporate holders have fared little better: Bit Digital's $439.4 million treasury sits behind a stock that closed at $0.79.

On the chart, the analyst group More Crypto Online said the sharp decline has not yet signaled a bottom, placing Fibonacci support at $1,920.51 and $1,832.78 as the next level below it. The dip came after ETH, in one of our earlier reports, reclaimed $2,016 within hours of its first break below $2,000 since August 19. The $1,920.51 level held during Friday's slide; a break would put $1,832.78 in play.

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Longs Pile Up Near $1,893 Support

Our own composite scoring frames where the pressure resolves. Below the market, $1,893.45 is the strongest support, scored 67 out of 100, sitting just under the $1,920.51 Fibonacci level that held on Friday; above it, $2,041.76 carries an 83/100 score and is the first test for any recovery. Positioning argues for caution: perp funding is still positive at 0.0008%, and the long/short account ratio stands at 4.14, so 80.5% of accounts lean long even in a downtrend. If ETF outflows persist and $1,893.45 gives way, that crowded long book is where the next round of forced selling would come from; a daily close back above $2,041.76 would be the first sign the bleed is easing. The full level map sits in our Ethereum technical analysis.