Two wallets linked to an early Ethereum Foundation allocation have transferred 4,393 Ether (ETH), worth approximately $11.13 million, to cryptocurrency exchange Kraken. The transaction has renewed questions about potential selling pressure, particularly because the wallets have a decade-long history of deposits to the exchange. However, an exchange transfer does not confirm that a sale has occurred. The movement comes as the foundation continues managing its treasury through staking, asset sales and funding for Ethereum’s research and ecosystem development.
4,393 ETH Deposit Raises Selling Concerns
According to Lookonchain, the two wallets deposited 4,393 ETH into Kraken in transactions reported on October 12, 2026. The transfer was valued at approximately $11.13 million, implying an ETH price of about $2,534 at the time.
On-chain records show that the wallets originally received 59,751 ETH from an Ethereum Foundation-linked address roughly ten years ago, when Ether traded near $0.90. Since then, the wallets have gradually moved portions of the allocation to Kraken.
According to the monitoring data, a cumulative 49,751 ETH from the original allocation has reached the exchange over the past decade, at an estimated average price of $658 per ETH.
The latest movement therefore extends a longstanding pattern rather than establishing a new selling strategy. Blockchain transactions reveal where tokens move, but they do not independently establish the reason for a transfer or confirm that the recipient sold the assets.
The key figures are:
- Latest deposit: 4,393 ETH.
- Estimated transaction value: $11.13 million.
- Original allocation: 59,751 ETH.
- Cumulative deposits to Kraken: 49,751 ETH over roughly ten years.
Staking Withdrawals Add Treasury Context
The latest transfer follows earlier activity involving the foundation’s treasury. In May, data from Arkham Intelligence showed the withdrawal of 21,271 ETH, valued at approximately $49.66 million, from staking positions through Lido.
Staking involves committing cryptocurrency to support blockchain operations in exchange for rewards. Unstaking makes assets available for withdrawal, but it does not necessarily mean the holder intends to sell them.
In February, the foundation announced plans to stake approximately 70,000 ETH from its reserves, with staking rewards returning to its treasury.
The organization’s treasury policy, published in June 2025, sets targets of annual operating expenses equal to 15% of treasury value and a reserve buffer covering 2.5 years of expenses. It also provides for periodic reviews of fiat-denominated reserves and potential Ether sales over subsequent three-month periods.
Ethereum Treasury Sales and Price Outlook
The foundation has also conducted disclosed over-the-counter transactions. In April 2026, it sold 10,000 ETH to Bitmine at an average price of $2,387, generating approximately $23.87 million for research, ecosystem development, operations and community grants. An earlier March transaction involved another 5,000 ETH sold to the same buyer.
The supplied market snapshot placed ETH at $2,560, up 2.3% over 24 hours. That figure is a reported snapshot, not a verified live quote.
Conclusion
The $11.13 million Kraken deposit highlights continued movement from Ethereum Foundation-linked wallets, but it does not prove that the tokens were sold or that the foundation directly initiated the latest transaction. Investors will be watching subsequent wallet activity, exchange flows and ETH price movements for clearer evidence of market impact. Treasury sales, staking withdrawals and routine wallet transfers should be assessed separately before drawing conclusions about selling pressure.
Sources & Methodology
Primary-source standard: Market-moving facts should link to original data releases, regulator notices, company filings or official project announcements whenever available. Secondary reporting is used for additional context, not as a substitute for original evidence.
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