A wallet associated with the Ethereum Foundation sold 2,785 ETH within one hour through the decentralized trading platform CoW Swap, according to Woofun AI, with an average execution price of $2,304 and a total value of roughly $6.42 million. The proceeds were immediately converted into USDS, the stablecoin issued by the Sky protocol, formerly known as MakerDAO.
On-chain data from Woofun AI shows this transaction was not an isolated event. Two weeks earlier, two wallets linked to the Ethereum Foundation moved 4,393 ETH to the Kraken exchange, worth about $11.13 million at the time, though only the deposit was confirmed and no sale was verified. Since that transfer was spotted, the ETH price has fallen 9%.
As of publication, ETH is trading at $2,299, down 4.97% from last week and 2.56% from yesterday. The market remains divided over whether such operations constitute selling pressure, and no direct causal link between the price decline and these transactions can be established.
The Ethereum Foundation has not yet issued a formal statement on the actual owner of the sale or the intended use of the funds. Without official clarification, market participants find it difficult to judge whether these large ETH movements are routine operating expenses or a strategic reduction in holdings, and this information asymmetry is heightening uncertainty around short-term price volatility.
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