A wallet linked to the Ethereum Foundation sold another 2,000 ETH, worth roughly $3.87 million, on November 13, deepening concerns about selling pressure as Ether traded below $2,000. On-chain analyst ai_9684xtpa and monitoring platform Lookonchain reported the move, which was executed through two 1,000 ETH transactions on the decentralized trading protocol CoW Swap.
Since October 26, the address has sold 6,785 ETH for approximately $14.45 million, according to Arkham Intelligence. Previous sales included 2,785 ETH worth about $6.42 million on October 26 and two additional 1,000 ETH transactions earlier in November. Lookonchain noted that previous Foundation-linked wallet sales coincided with ETH price declines: 9% after October 12, 7.7% after October 26, and 10.4% after November 10. The Foundation has reportedly targeted a 2.5-year operating buffer, but has not confirmed these specific sales.
The remaining balance estimates varied. One report indicated the wallet still held 21,247 ETH, worth about $41.1 million, while another cited approximately 11,000 ETH worth $21.3 million. Ether slipped below the $2,000 level, with weekly support marked near $1,853.62.
Institutional outflows have been substantially larger. US spot Ethereum ETFs recorded $695.9 million in net outflows during November, with net outflows in seven of the month's eight trading sessions. Their combined net assets fell from $13.22 billion on October 30 to $11.65 billion on November 11. By comparison, the Foundation-linked wallet sold roughly 4,000 ETH worth $8.03 million in November, meaning ETF withdrawals were about 87 times larger.
The Ethereum Foundation uses treasury holdings to finance research, infrastructure improvements, developer initiatives and ecosystem projects. Converting part of its ETH reserves into other assets can support operational expenses without changing the network's monetary policy, and wallet movements alone do not establish the final destination or purpose of each sale.
