Blockchain analytics platform Lookonchain reported the November 11 transaction, identifying the address as 0x5CBC. The wallet routed the ETH through CoW Protocol and received about 2.025 million USDS, at an average price of roughly $2,025 per token. The stablecoins were returned to the same address through the protocol’s settlement contract, followed by transfers involving a Gnosis Safe proxy wallet.
The sale followed a 1,000 ETH transaction on November 10, executed at about $2,130 per token after the wallet had been inactive for two weeks. Lookonchain also reported that the address sold 2,785 ETH, worth approximately $6.42 million, on October 26. Across those dates, its reported disposals total 4,785 ETH, worth about $10.58 million at the transaction prices.
Other Foundation-linked wallets transferred 4,393 ETH, worth about $11.13 million, to Kraken on October 12. Analyst EmberCN traced the addresses to a Foundation wallet that had distributed 59,751 ETH roughly a decade earlier. The Kraken transfers were deposits to a centralized exchange; no sale was confirmed at the time. The Foundation has historically used treasury ETH to support development, research, grants and operating expenses.
ETH was recently near $2,067, down almost 10% over the past week. Of 17 technical indicators cited in the source, 12 signaled a sell and two a buy; the 14-day Relative Strength Index was 30.36, near oversold territory. Resistance levels were $2,133, $2,274 and $2,396, while $1,923 was identified as support. A break below that level could expose ETH to further losses; a sustained move above resistance would improve the technical outlook. The market backdrop also included $184.51 million in net outflows from US spot Ethereum ETFs on November 9 and more than $462 million in cryptocurrency liquidations that day.
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