The Ethereum Foundation Sells Millions in Ether
The Ethereum Foundation has sold millions in Ether as the cryptocurrency’s price trades close to its all-time high. The sale comes during record ETF inflows and heavy profit-taking by other major holders.
On Aug. 13, a wallet linked to the Ethereum Foundation sold a total of 2,795 ETH in two large transactions. Blockchain data from Lookonchain shows the first transaction moved 1,695 ETH for 7.72 million DAI at about $4,556 each. Roughly an hour later, the wallet sold another 1,100 ETH at about $4,602 each. The combined sales were worth around $12.7 million at execution prices.
The address was originally funded with 20,756 ETH from the Foundation’s “EF 1” address in 2017. Following the sales, it holds just under 100 ETH, worth about $469,000, and other tokens valued at $11.58 million. That brings the wallet’s total value to roughly $12.05 million, with most of it now in non-ETH assets.
ETH Trades Within 6% of Record High
Ether reached $4,692 on Aug. 13, putting it about 6.2% below its November 2021 all-time high of $4,891.
Technical indicators show strong momentum. The Relative Strength Index (RSI) is at 79. An RSI above 70 signals “overbought” conditions, meaning the price has risen quickly and could slow down. ETH is also trading well above key moving averages — the 20-day EMA at $3,944, the 50-day EMA at $3,479, the 100-day EMA at $3,080, and the 200-day EMA at $2,840 — showing sustained strength.
Spot Ethereum exchange-traded funds (ETFs) have posted record net inflows this week. Data from Farside Investors shows $1.018 billion in inflows on Aug. 11, followed by $532.8 million on Aug. 12 — the highest daily figures since launch.
High ETF inflows provide deep liquidity for the market, allowing large sales to take place with minimal price disruption. Selling into such demand reduces the risk of slippage for big holders like the Ethereum Foundation.
Other Large Holders Join Profit-Taking Wave
The Foundation’s sale was not an isolated event. A whale group known as “7 Siblings,” holding around 1.21 million ETH (worth about $5.6 billion), sold 19,461 ETH over 15 hours during the same period. This was worth roughly $88.2 million. Notably, the group had accumulated over 100,000 ETH at an average price of $2,219.
The simultaneous selling by multiple large holders suggests a coordinated period of profit-taking as ETH approaches a major price milestone.
Moreover, despite more than $100 million in combined large holder sales, ETH’s price held near its highs on Aug. 13. This stability points to strong underlying demand, largely driven by institutional and ETF-related buying.
The Foundation’s $12.7–$18.75 million sale is small compared to ETH’s daily spot trading volume, which regularly exceeds $50 billion. Subsequently, there was little immediate market impact.