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ZEC $1,304 Ethereum linked wallets move $11M ETH to Kraken amid sell-off questions
Two Ethereum Foundation-linked wallets transferred 4,393 ETH worth ~$11.13M to Kraken on Oct 12, sparking sell-off speculation.
Key takeaways
- Latest transfer amount. 4,393 ETH worth approximately $11.13 million was moved to Kraken on October 12.
- Historical deposit total. 49,751 of the original 59,751 ETH allocated to the wallets have been deposited to Kraken over ten years.
- Recent foundation sales. The Ethereum Foundation sold 5,000 ETH in March 2026 and 10,000 ETH in April 2026.
What happened
On October 12, two wallets linked to the Ethereum Foundation transferred a combined 4,393 ETH, worth approximately $11.13 million, to the Kraken cryptocurrency exchange. At the time of the transfers, Ethereum traded near $2,555, and was priced at $2,560 later that day, up 2.3% over the prior 24 hours. Blockchain analyst EmberCN first reported the transfers on X, noting the wallets' historical ties to a 59,751 ETH allocation from the Ethereum Foundation roughly ten years prior.
Why it matters
The transfers have raised questions about potential Ethereum Foundation selling activity, as the organization has a history of periodic ETH sales to fund operations. Over the past decade, the tracked recipient wallets have already deposited 49,751 of the original 59,751 ETH allocation to Kraken. The foundation's June 2025 treasury management policy allows for periodic ETH sales to cover operating costs, and it has completed recent sales including 5,000 ETH in March 2026 and 10,000 ETH in April 2026. It also unstaked 21,271 ETH worth nearly $49.66 million from Lido in May 2026, and had allocated 70,000 ETH to staking in February 2026.
What is still unclear
- It is unconfirmed whether the 4,393 ETH deposit was sold, retained on Kraken or used for other purposes, as neither the Ethereum Foundation nor Kraken has issued a public statement on the transaction.
- The wallets' historical link to the Ethereum Foundation does not confirm the foundation authorized or controlled the latest transfer.
Questions readers ask
Did the Ethereum Foundation sell the moved ETH?
No official confirmation of a sale has been released by the Ethereum Foundation or Kraken. The transfer only confirms the movement of 4,393 ETH to the exchange, not a subsequent sale.
How much ETH has the linked wallet sent to Kraken before?
Over the past decade, the tracked wallet has deposited 49,751 ETH to Kraken, out of an original 59,751 ETH allocation from the Ethereum Foundation roughly ten years ago.
What is the Ethereum Foundation's policy for selling ETH?
The foundation's June 2025 treasury policy allows it to periodically sell ETH to cover operating expenses, after reviewing fiat reserves and costs for the following three-month period.
