Ethereum Foundation wallet sells 7,500 ETH in five days, receiving $14.5 million

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The on-chain monitoring account Onchain Lens identified a wallet as belonging to the Ethereum Foundation. From November 10 to 14, it sold 7,500 ETH in six transactions. In a post late on the night of the 14th Taiwan time, Onchain Lens said the wallet’s latest transaction swapped 2,500 ETH for about $4.6 million worth of the USDS stablecoin through CoWSwap. Over five days, the wallet swapped a total of about 14.5 million USDS.
A transaction-by-transaction check of the wallet address using a blockchain explorer found that the transaction records match the figures reported by Onchain Lens. As of publication, the Ethereum Foundation’s official account had not commented on these transactions.
Six sales in five days; 2,500 ETH was the largest transaction
According to on-chain records, this wallet sold 1,000 ETH each at around 8 a.m. Taiwan time on November 10 and in the early hours of November 11, receiving approximately 2.127 million and 2.025 million USDS, respectively. On the afternoon of November 13, it sold 1,000 ETH twice within two minutes, receiving approximately 3.867 million USDS in total. On the morning of November 14, it sold another 1,000 ETH for approximately 1.898 million USDS.
The largest sale took place at 11:17 p.m. on November 14, when 2,500 ETH was exchanged for approximately 4.597 million USDS, or about $1,839 per ETH. Some of the USDS received was subsequently transferred to a multisig Safe wallet.
This wallet received approximately 17,784 ETH in August 2025. On October 26 this year, it had already sold approximately 2,785 ETH in five transactions. Including the 7,500 ETH sold in this latest round, its current balance is approximately 7,500 ETH.
Foundation treasury policy: quarterly sales are determined by operating expenses
The Ethereum Foundation's treasury policy, published in June 2025, states that the Foundation regularly calculates the gap between its fiat assets and target reserves to decide whether to sell ETH over the next three months and how much to sell. It typically uses fiat off-ramps or on-chain swaps into fiat-denominated assets.
Under this policy, the Foundation's target annual operating expenses are 15% of its treasury, and it maintains fiat reserves equivalent to 2.5 years of expenses. The Foundation also plans to gradually reduce annual expenses to 5% of its treasury within five years.
ETH falls below $1,850
According to CoinGecko data, ETH was trading at around $1,837 in the early hours of November 15 Taiwan time, down approximately 4.9% over 24 hours. Ethereum spot ETFs also saw net outflows of approximately $400 million this week, marking six consecutive weeks of net outflows. See our previous report.
The article Ethereum Foundation Wallet Sells 7,500 ETH in Five Days for $14.5 Million first appeared on .
[Further Analysis]
[My Further Perspective]
Although the Ethereum Foundation's (EF) periodic sales are consistent with its publicly disclosed treasury management policy (to fund operating expenses and maintain fiat reserves), the market has historically interpreted the timing of its sales as a signal of a “local top.” Against a backdrop of an ETH price pullback and six consecutive weeks of net outflows from spot ETFs, the Foundation's sale of 7,500 ETH for USDS stablecoins over five days reflects a cautious stance toward short- to medium-term market liquidity among institutional and official funds. The blow to market sentiment is far greater than the actual size of the sell-off.
[Market Impact]
1. **Cryptocurrency market (bearish):** The short-term outlook is bearish. Foundation selling, combined with weekly ETF net outflows of approximately $400 million, has pushed ETH below the $1,850 support level. If market confidence cannot recover promptly, it could trigger a cascade of leveraged liquidations in on-chain DeFi lending protocols.
2. **U.S. stock market (neutral to bearish):** The impact on major indexes such as the S&P 500 and Nasdaq is limited. However, cryptocurrency exchange Coinbase (COIN), major crypto holder MicroStrategy (MSTR), and mining stocks may face short-term downward pressure as crypto prices weaken.
3. **Taiwan stock market (neutral):** The overall impact is minimal. Traditional graphics card-related stocks such as Gigabyte, MSI, and ASUS are currently driven primarily by demand for AI servers and GPUs, and are largely decoupled from the ETH ecosystem, so the impact of this news is limited.
[What to Watch Next]
1. Closely monitor whether the approximately 7,500 ETH remaining in the Foundation's wallet will continue to be transferred on-chain or through off-ramps.
2. Watch for when Ethereum spot ETF flows turn from consecutive net outflows to net inflows, as an important indicator that institutional funds have bottomed out and are recovering.
[Risk Reminder]
If the crypto market remains in a state of persistent liquidity outflows, watch for the risk of cascading sell-offs triggered by the liquidation of highly leveraged long positions in derivatives markets, as well as a second blow to high-risk assets from the direction of the Federal Reserve's macro interest rate policy.