Ethereum Foundation-Linked Wallet Sells 2,785 ETH for USDS
An Ethereum Foundation-linked wallet reportedly sold 2,785 ETH through CoW Swap on 26 October, receiving about $6.42 million in USDS at an average price of approximately $2,304 per ETH. The orders were split into several batches over less than an hour, and some of the USDS was reportedly deposited into sUSDS. On-chain monitors identified the wallet as linked to the Ethereum Foundation, but the Foundation has not confirmed its ownership or the purpose of the sale. The wallet reportedly still held about 15,000 ETH after the transactions. The sale adds to speculation about Ethereum Foundation ETH sales, following reports of related wallets depositing 4,393 ETH to Kraken earlier in October. ETH was trading near $2,315 at the time of publication.
Bearish
The reported sale may weigh on ETH sentiment in the short term. Traders often interpret transfers or sales attributed to the Ethereum Foundation as potential supply pressure, especially when they follow other reported ETH movements to exchanges. The 2,785 ETH sale was split into batches through CoW Swap, which may have reduced immediate slippage and market impact compared with a single large order. Still, the conversion into stablecoins can reinforce concerns that more ETH may be sold, potentially prompting cautious positioning or short-term selling. The signal is not definitive: the Foundation has not confirmed the wallet’s ownership or the transaction’s purpose, and the address reportedly retains about 15,000 ETH. The sale alone does not establish a sustained distribution trend. In the longer term, price action is more likely to depend on broader market conditions, ETH demand, liquidity and follow-up disclosures than on this one transaction. Traders may watch for further movements from the address, exchange inflows and ETH price reaction around key support levels.