Two wallets linked to the Ethereum Foundation moved 4,393 ETH worth roughly $11.13 million to Kraken on October 12, 2026, drawing attention from traders and on-chain analysts. Blockchain analyst EmberCN reported that the addresses originally received 59,751 ETH from an Ethereum Foundation wallet about ten years ago, when ETH traded near $0.90.
According to EmberCN, the tracked wallets have sent 49,751 ETH to Kraken over the past decade at an average historical price of about $658, equivalent to roughly 83% of the original allocation. However, neither the Ethereum Foundation nor Kraken has confirmed whether the latest deposit was sold, exchanged for other assets, or retained on the exchange.
At the time of the transfer, Ethereum was trading near $2,555, gaining about 2% over 24 hours but down roughly 6.85% over seven days. Market data showed a seven-day range of approximately $2,409 to $2,733, with trading volume near $8.88 billion and a market capitalization around $312 billion. Technical indicators were mixed: ETH remained below its nine-day simple moving average of about $2,585, and the 14-day relative strength index stood at 47.59, below the neutral 50 level but above oversold territory.
The Ethereum Foundation has a documented treasury management policy allowing periodic ETH sales. In June 2025, the organization formalized an annual operating expenditure target equal to 15% of treasury assets and a reserve buffer covering 2.5 years of expenses. In April 2026, it announced a plan to sell 5,000 ETH through CoWSwap using a time-weighted average price strategy, and in May it sold 10,000 ETH to BitMine at an average price of $2,292 per token. The foundation has also expanded staking activity, completing an approximately 70,000 ETH staking target by early April 2026, valued at about $143 million at the time.
The October 12 deposit has not been tied to any new official funding announcement, over-the-counter agreement, or disclosed treasury sale. The daily gain in ETH occurred alongside the reported wallet activity, but no causal relationship has been established. Traders are watching for potential volatility, with attention on whether large holder movements intensify selling pressure or remain an unexecuted transfer.
