A wallet linked to the Ethereum Foundation sold 7,500 ETH worth approximately USD 14.52 million over four days, as the Ethereum price continued to decline. The latest transaction occurred on November 14, when the address exchanged 2,500 ETH for about USD 4.6 million in stablecoins.
The transactions came during a broader cryptocurrency market selloff that pushed ETH below USD 1,800. However, the Ethereum Foundation has not publicly confirmed ownership of the wallet or explained the reason for the sales.
Blockchain tracker Onchain Lens reported that the address beginning 0x5CBC completed its latest sale through CoW Swap. The transaction returned approximately 4.597 million USDS, a stablecoin designed to maintain a value of USD 1.
The latest trade valued Ethereum at about USD 1,839 per token. Across the four-day period, six transactions exchanged 7,500 ETH for approximately 14.52 million USDS, at an average price near USD 1,935. The wallet had also sold 2,785 ETH on October 26.
Blockchain tracker Lookonchain described the address as "Ethereum Foundation-linked". The connection comes from previous transactions involving wallets associated with the organization. However, those transfers do not confirm who currently controls the address.
A separate blockchain review by StalkChain found that the proceeds passed through a Safe contract before returning to the wallet as sUSDS, a savings token. The address still held approximately 7,500 ETH on November 15.
The Ethereum Foundation has previously outlined plans to convert some ETH holdings into cash and stablecoins to fund its operations. Its June 2025 treasury policy sets annual operating expenses at 15% of treasury assets and targets reserves covering 2.5 years.
Under the policy, the organization reviews its available reserves and decides whether to sell ETH over the following three months.
"These sales will typically be via fiat off-ramps or onchain swaps for fiat-denominated assets," the Foundation stated.
The organization also announced a staking program in February 2026 involving approximately 70,000 ETH. Rewards from the program return to its treasury and help support its activities.
Nevertheless, the published policy does not establish whether the latest wallet transactions were official treasury operations. The Foundation has not connected these particular sales to grants, research funding or other expenses.
Ethereum extended its losses over the weekend as selling continued across the cryptocurrency market. CoinGlass data showed ETH declining from approximately USD 1,930 to USD 1,769 on November 14, representing a daily loss of more than 8%.
The cryptocurrency subsequently traded near USD 1,710 on November 15 before recovering above USD 1,800. ETH had reached approximately USD 2,450 on November 4, leaving its price more than 25% below that peak during the latest decline.
Meanwhile, US spot Ethereum exchange-traded funds recorded approximately USD 2.36 million in net inflows on November 13, according to SoSoValue.
Fidelity's FETH attracted USD 11.64 million, while Grayscale's Ethereum Mini Trust recorded withdrawals of USD 9.28 million. The modest net inflow followed USD 70.57 million in withdrawals on November 12, showing a reversal in daily fund flows despite Ethereum's continued price decline.
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