Two Ethereum Foundation-linked wallets have transferred 4,393 ETH, valued at approximately $11.13 million, to the cryptocurrency exchange Kraken. While the move itself does not confirm a sale, it adds to a pattern of similar transactions observed over the past decade.
The wallets originally received 59,751 ETH from an Ethereum Foundation wallet around ten years ago, when the price of ETH was about $0.90. Onchain analytics account Lookonchain noted that 49,751 ETH from this initial batch has been sent to Kraken over the years, averaging an exchange rate of roughly $658 per ETH. This leaves about 10,000 ETH from the original allocation, though the current location of these funds is unclear.
The Ethereum Foundation has a stated policy for managing its treasury, aiming to spend 15% annually while maintaining a reserve covering 2.5 years of operating costs. The foundation periodically evaluates how much ETH to sell over the next three months, typically using fiat off-ramps or onchain swaps for these transactions. In April, the foundation announced a 5,000 ETH conversion through CoW Swap, a platform designed to spread large orders over time.
Despite the recent transfer, there has been no official statement from the Ethereum Foundation confirming whether the deposited ETH will be sold. This lack of clarity has led onchain analysts to speculate, with Lookonchain questioning whether the foundation is once again dumping ETH. However, without direct confirmation, the purpose of these transfers remains uncertain.