A wallet linked to the Ethereum Foundation sold another 2,000 ETH in mid-November 2026, generating approximately $3.87 million to $4.16 million as Ether traded near or below the $2,000 level. On-chain data show the address offloaded 1,000 ETH on November 10 and another 1,000 ETH on November 11 through CoW Protocol at average prices between roughly $2,080 and $2,130. Proceeds were converted into the USDS stablecoin.
Since October 26 the same wallet has cumulatively sold about 6,785 ETH worth roughly $14.45 million. After the latest transactions it still held approximately 21,247 ETH, valued at around $41 million at then-prevailing prices. The sales followed a roughly two-week period of inactivity and occurred as ETH tested widely watched support in the $2,000–$2,100 zone.
The Drivers of the Current Situation
The main issue is the Ethereum Foundation’s continued, measured sale of ETH from a monitored treasury wallet to fund operations while the token price sits near multi-month lows. The November batches were smaller and executed at lower average prices than the October 26 sale of 2,785 ETH near $2,306.
Related factors shaped the activity. The Foundation has publicly discussed maintaining a multi-year fiat buffer for expenses and exploring a longer-term shift toward yield-generating strategies such as staking and DeFi to reduce reliance on token sales. Only the confirmed 2,000 ETH sale split across November 10–11, the cumulative ~6,785 ETH total since late October, the remaining ~21,247 ETH balance, the use of CoW Protocol, and the conversion into USDS are verified. Broader market weakness in ETH and the Foundation’s historical practice of periodic treasury management contributed to the timing.
Continued monitoring requires observation of further wallet activity, any official statements on treasury policy, and ETH’s ability to hold or reclaim the $2,000 area. Limited immediate impact on overall market liquidity from the modest size of the sales forms a narrower path for short-term price effects. On-chain analysts and the Ethereum Foundation remain the primary parties tracking residual activity. The situation is a routine treasury operation that has drawn attention because of the concurrent price decline rather than the absolute size of the sales.
Impact and Broader Context
Questions about the Foundation’s selling cadence keep growing. The transactions create uncertainty about whether additional sales will follow if ETH remains under pressure and about the pace of any transition to yield-based funding. They also elevate attention on the optics of Foundation sales during periods of price weakness. Holders, developers, institutional observers and competing Layer-1 communities continue to assess the implications.
The issue drives debate on non-profit treasury management in crypto. It raises questions about the sustainability of periodic ETH sales versus yield strategies, the signaling effect of Foundation activity near key price levels, risks of amplified selling pressure narratives, effects on near-term confidence in ETH, and competition among protocols for more sustainable funding models. Coverage notes that the sale size remains modest relative to daily market volume while highlighting the Foundation’s stated interest in reducing future token liquidations.
The mid-November sales forced renewed focus on Ethereum Foundation treasury practices. The current data show how subsequent wallet movements, price action around $2,000, or formal policy updates will determine the lasting effect.
New on-chain transfers, official treasury reports, or progress on yield-generating initiatives will clarify the practical outlook for further sales.
This analysis uses on-chain transaction data and contemporaneous reporting. Future selling volume and any shift toward yield strategies remain subject to the Foundation’s operational needs and market conditions.