A wallet linked to the Ethereum Foundation sold 2,000 Ethereum (ETH), worth about $3.87 million, on Friday. The wallet has now sold 6,785 ETH since October 26.
ETH now trades close to where its mid-August rally began. Yet the wallet’s sales look small next to the money leaving US spot Ethereum exchange-traded funds.
The Foundation-Linked Wallet Is Down to 11,000 ETH
On-chain tracker Lookonchain flagged Friday’s sale on X. The wallet placed two 1,000 ETH orders through CoW Swap, minutes apart.
It sold 2,785 ETH, worth $6.42 million, on October 26, then two batches of 1,000 ETH earlier this week.
The wallet now holds about 11,000 ETH, worth roughly $21.3 million at current prices. Lookonchain tied recent Foundation-linked sales to fresh ETH drops. ETF data, however, points to a much larger seller.
The Bigger Seller Sits in Ethereum ETFs
SoSoValue data shows US spot Ethereum ETFs recorded $695.9 million in net outflows in November so far.
The wallet sold 4,000 ETH this month, worth about $8.03 million based on Lookonchain’s figures. The ETF outflows are roughly 87 times that amount.
The Ethereum ETF outflows have also been persistent. The funds bled money in 7 of 8 trading sessions this month.
Their total net assets fell from $13.22 billion on October 30 to $11.65 billion by November 11. BeInCrypto earlier reported six straight weeks of outflows from these funds.
Ethereum Price Tests the Base of Its August Breakout
ETH’s price has fallen over the same stretch. BeInCrypto Markets data shows ETH at $1,939, down 5.17% over the past 24 hours.
ETH last traded this low around August 18, when it closed at $1,917.85. ETH broke out of its summer range the next day and climbed past $2,500 within the week.
Analyst More Crypto Online said on X that ETH’s sharp decline has not yet signaled a bottom. The analyst said ETH has reached Fibonacci support at $1,920.51, with $1,832.78 as the next level.
The wallet’s remaining 11,000 ETH leaves room for more sales. Still, ETF flows are the larger number to watch for whether ETH holds near $1,920.
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