Two Ethereum Foundation-linked wallets reportedly transferred 4,393 ETH worth around $11.13 million to Kraken on October 12, raising questions about possible selling activity as Ethereum traded near $2,555.
Blockchain analyst EmberCN traced the wallets to an Ethereum Foundation-linked address that distributed 59,751 ETH about ten years ago. According to the analyst, 49,751 ETH from that allocation has since been transferred to Kraken over the past decade.
The latest transfers do not confirm that the ETH was sold. Neither the Ethereum Foundation nor Kraken has publicly confirmed whether the funds were exchanged or retained on the platform.
Summary
- Two Ethereum Foundation-linked wallets reportedly sent 4,393 ETH, worth approximately $11.13 million, to Kraken.
- Analyst EmberCN traced the wallets to an allocation of 59,751 ETH received around ten years ago.
- The tracked wallet reportedly transferred 49,751 ETH to Kraken over the following decade.
- Ethereum traded near $2,555, up around 2% in 24 hours but down approximately 6.85% over seven days.
- Technical indicators showed ETH below its nine-day moving average, while its relative strength index remained below 50.
Ethereum Foundation-linked wallets transfer $11.13 million to Kraken
EmberCN reported that the two wallets transferred a combined 4,393 ETH to Kraken on October 12. The transactions attracted attention because deposits to cryptocurrency exchanges can precede sales.
However, an exchange deposit does not automatically mean the assets have been sold. The ETH could be exchanged for another cryptocurrency, held in an exchange account or used for another purpose.
According to EmberCN, the wallet received 59,751 ETH from an Ethereum Foundation-linked address approximately a decade ago. Since then, around 49,751 ETH has reportedly been transferred to Kraken through multiple transactions.
The analyst estimated that the historical transfers occurred at an average ETH price of approximately $658. This figure reflects the estimated market price at the time of those transfers, not necessarily the actual price received in any sales.
The reported wallet history also does not establish that the Ethereum Foundation retained control of the funds throughout the entire period. No official announcement has confirmed that the latest transactions were authorized as a foundation treasury sale.
Ethereum Foundation has previously sold ETH to fund operations
The Ethereum Foundation regularly manages its cryptocurrency reserves to fund research, development, grants and other ecosystem activities.
In June 2025, the organization published a treasury policy outlining how it manages its assets and operating expenses. The framework allows periodic ETH sales to maintain sufficient reserves for its work.
In April 2026, the foundation announced plans to sell 5,000 ETH through CoWSwap using a time-weighted average price strategy. This approach spreads transactions over time rather than executing the entire sale at once.
The foundation has also conducted over-the-counter transactions with institutional buyers. In May, it sold 10,000 ETH to BitMine at an average price of $2,292 per token, following earlier transactions with the same company.
These previous sales show that the foundation uses different methods to manage its treasury. However, they do not establish that the latest Kraken transfers were part of its official treasury operations.
No new treasury announcement has connected the October 12 transfers to a confirmed sale.
Ethereum price rises despite exchange inflows
Ethereum traded near $2,555 on October 12, according to the market figures provided. ETH gained approximately 2.05% over 24 hours but remained down around 6.85% over the previous seven days.
Trading volume stood near $8.88 billion, while its market capitalization was approximately $312 billion.
The daily recovery came after ETH traded within a reported seven-day range of roughly $2,409 to $2,733. The available data does not establish whether the Kraken transfers affected the price.
Technical indicators showed that Ethereum remained under some short-term pressure. Its nine-day simple moving average stood at approximately $2,585, slightly above the observed price.
The 14-day relative strength index was around 47.59, below the neutral level of 50. This suggested that recent price momentum remained relatively weak, although the indicator was still above the commonly used oversold threshold of 30.
These indicators provide context for Ethereum’s recent price movements, but they cannot establish the direction of its next move or confirm that exchange deposits caused selling pressure.
Ethereum Foundation expands its staking program
The foundation has also been using staking to support its treasury and contribute to Ethereum’s network security.
In February 2026, it announced plans to stake approximately 70,000 ETH, with the rewards intended to support research, grants and ecosystem development.
The program uses open-source tools designed to support validator operations and reduce dependence on individual infrastructure providers.
By early April, on-chain tracking indicated that the foundation had completed its planned staking allocation. Subsequent transactions included withdrawals of staked ETH, although the purpose of every individual movement was not publicly confirmed.
The foundation’s treasury strategy includes managing fiat reserves, holding ETH, staking assets and periodically selling cryptocurrency to cover expenses.
For now, the reported Kraken transfers remain unconfirmed as sales. The transactions have drawn attention because of their size and historical wallet connections, but further information would be needed to establish who controlled the funds and what happened to the ETH after it reached the exchange.
