A wallet linked to the Ethereum Foundation sold 5,000 ETH for roughly $9.92 million over five days, bringing ether to lows near $1,900. The foundation-linked wallet 0x5CBC sold another 1,000 ETH on Saturday, continuing a pattern of regular token offloads.
The sales were completed at an average price of $1,983.50 per ETH. Analytics tracked the movement, showing the foundation swapped 1,000 ETH for USDS, a dollar-pegged stablecoin, through Cowswap, a decentralized exchange aggregator. The foundation moved 7.79 million USDS to a multisignature Safe wallet within the hour.
Since October 26, the wallet has sold 7,785 ETH worth approximately $16.35 million at an average price of $2,100. Analysts estimate the wallet still holds roughly 10,000 ETH, valued at approximately $19 million.
Market Correlation
The foundation's sales have coincided with price declines. Following previous sales on October 12, October 26, and November 10, ether fell 9%, 7.7%, and 10.4% respectively. However, the $9.92 million sale represents a small fraction of ether's daily trading volume.
The Ethereum Foundation has previously stated it sells ETH to fund grants, research, and operating costs. The sales occur as ether faces broader market pressure, having declined approximately 15.4% over seven days and 19.5% over 30 days from the Saturday low.
Mixed Signals
While the foundation sells, other major holders are accumulating. Shapeshift founder Erik Voorhees purchased 2,504 ETH for $4.75 million at $1,896 the same day the foundation dumped its stack. Whale Insider also reported that crash-buying activity added 9,766 ETH worth $18.88 million, following a $22 million purchase earlier in the week.
Ether traded as low as $1,898 early Saturday, down 61.6% from its August 2025 all-time high of $4,946. Over $330 million in crypto liquidations occurred in two hours as ETH broke below $1,900 alongside bitcoin, XRP, and SOL.
