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Blockchain analytics platform Lookonchain reported that wallet 0x5CBC sold 1,000 ETH for about 2.025 million USDS on November 11. The CoW Protocol swap followed another 1,000 ETH sale a day earlier. Together with its October activity, the wallet has sold 4,785 ETH for approximately USD 10.58 million at reported execution prices.
The latest sale came as Ethereum traded near USD 2,000 following several days of losses. Meanwhile, other large holders continued to buy ETH, creating a contrast between the wallet's sales and recent accumulation.
Lookonchain identified the November 11 transaction through blockchain records. The wallet sent 1,000 ETH through CoW Protocol and received about 2.025 million USDS, placing its average execution price near USD 2,025 per ETH.
The stablecoins returned to the same address through CoW Protocol's settlement contract. The November 10 price averaged about USD 2,130 per ETH, above the next day's execution price. Subsequent transfers also involved a Gnosis Safe proxy wallet. These movements followed another sale on November 10, when the address exchanged 1,000 ETH for approximately USD 2.13 million.
The two November sales generated about USD 4.16 million in stablecoins. This earlier transaction marked the wallet's return after a two-week break. At the time, Ethereum traded around USD 2,120. Lookonchain reported that the token had lost another 7.7% since the address's previous sale two weeks earlier.
The wallet also sold 2,785 ETH on October 26 for approximately USD 6.42 million. These swaps included transactions of 500 ETH, 600 ETH and 1,000 ETH, with an average sale price near USD 2,304. Lookonchain said ETH had fallen 9% since the wallet's preceding suspected sale. Across the three reported dates, the address received about USD 10.58 million.
Separate Ethereum Foundation-linked wallets moved substantial amounts of ETH in October. On October 12, two such addresses sent 4,393 ETH, then worth about USD 11.13 million, to the Kraken exchange.
Blockchain analyst EmberCN traced those addresses to a Foundation wallet that distributed 59,751 ETH about ten years earlier. According to the analyst, one tracked address had transferred 49,751 ETH to Kraken over the following decade at an average historical price near USD 658.
The Kraken deposits differed from the CoW Protocol transactions because the transfer records did not confirm a sale. Moving tokens to an exchange does not establish whether the holder subsequently sold them. The Ethereum Foundation has used treasury ETH for research, grants, development, and operations. Its treasury activities have included token sales and efforts to earn returns on crypto holdings. Those activities span several years.
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Ethereum traded near USD 2,067 after shedding almost 10% over the previous week. Of 17 tracked technical indicators, 12 signaled selling and two pointed to buying. ETH also remained below its major exponential moving averages.
Market pressure extended beyond the wallet's activity. US spot Ethereum exchange-traded funds recorded USD 184.51 million in net outflows on November 9, according to SoSoValue. That same day's crypto selloff triggered more than USD 462 million in liquidations, including about USD 425 million in long positions.
Yet several large holders bought ETH during the downturn. One wallet acquired USD 21.55 million in tokens using a USD 22 million USDT loan from Aave. Another spent about USD 19.7 million on ETH.
Two other addresses bought 4,312 ETH for USD 9.08 million. Separately, a wallet inactive for more than two years withdrew 34,601 ETH, worth about USD 73.75 million, from Binance on November 9. A withdrawal alone does not establish a purchase.
Institutional holdings also increased. BitMine bought another 9,587 ETH, taking its reported total to 6,070,092 tokens as of November 10. The additions occurred during the same period as the sales reported by Lookonchain.
Lookonchain tracked 4,785 ETH in sales across October 26 and November 10–11, worth roughly USD 10.58 million. The latest swaps came at lower prices than the October sale. At the same time, ETF outflows and bearish indicators accompanied fresh purchases by several large Ethereum holders.