F. BustosTL;DR
- An Ethereum Foundation-linked wallet sold 2,000 ETH worth approximately $3.87 million, bringing its total sales since October 26 to 6,785 ETH.
- US spot Ethereum ETFs recorded $695.9 million in net outflows during November, significantly exceeding the volume sold by the Foundation-linked wallet.
- ETH dropped below $2,000 as selling pressure increased, while the wallet retained approximately 11,000 ETH worth $21.3 million.
The Ethereum Foundation has attracted renewed market attention after a wallet associated with the organization sold another $3.87 million in ETH. The transaction occurred as US spot Ethereum ETFs experienced substantial withdrawals, adding pressure to an already declining market.
However, the difference between these two sources of selling activity offers a broader perspective on current market conditions. While individual wallet transactions generate attention, institutional investment flows provide a more comprehensive picture of how capital moves across the Ethereum ecosystem.
The #EthereumFoundation-linked wallet (0x5CBC) just dumped another 2,000 $ETH($3.87M)!
Every time #EthereumFoundation-linked wallets dump $ETH, the price drops.
Oct 12: $ETH down 9%.
Oct 26: $ETH down 7.7%.
Nov 10: $ETH down 10.4%.Today marks the 4th sale. How much further… pic.twitter.com/NICa6RGPdT
— Lookonchain (@lookonchain) November 13, 2026
The #EthereumFoundation-linked wallet (0x5CBC) just dumped another 2,000 $ETH($3.87M)!
Every time #EthereumFoundation-linked wallets dump $ETH, the price drops.
Oct 12: $ETH down 9%.
Oct 26: $ETH down 7.7%.
Nov 10: $ETH down 10.4%.
Today marks the 4th sale. How much further… pic.twitter.com/NICa6RGPdT
— Lookonchain (@lookonchain) November 13, 2026
Ethereum Foundation Wallet Continues Selling ETH Holdings
According to on-chain monitoring platform Lookonchain, a wallet linked to the Ethereum Foundation transferred 2,000 ETH through two separate transactions on Friday. Each transaction involved 1,000 ETH executed through CoW Swap, a decentralized trading protocol designed to find efficient execution routes and reduce trading costs.
This latest operation brings the wallet’s cumulative sales to 6,785 ETH since October 26. Previous transactions included a sale of 2,785 ETH worth approximately $6.42 million on October 26, followed by two additional transactions involving 1,000 ETH each earlier in November.
Despite these movements, the wallet still holds approximately 11,000 ETH valued at $21.3 million at current prices.
The Foundation’s treasury operations should also be considered within Ethereum’s broader development model. The organization finances research, infrastructure improvements, developer initiatives and ecosystem projects. Converting part of its ETH reserves into other assets can support operational expenses without requiring the network itself to change its monetary policy.
Importantly, wallet movements alone do not establish the final destination or purpose of every sale.
Ethereum ETF Outflows Exceed Foundation-Linked Sales
The larger source of selling pressure comes from institutional investment products. Data from SoSoValue shows that US spot Ethereum ETFs recorded $695.9 million in net outflows during November.
For comparison, the Foundation-linked wallet sold approximately 4,000 ETH worth $8.03 million during the month, making ETF withdrawals roughly 87 times larger.
The withdrawals also show persistence. Ethereum ETFs registered net outflows in seven of the month’s eight trading sessions. Their combined net assets declined from $13.22 billion on October 30 to $11.65 billion on November 11.
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