Ethereum Foundation Sales Grab Headlines, but the Real ETH Selling Is 87x Bigger

A wallet linked to the Ethereum Foundation sold 2,000 Ethereum , worth about $3.87 million, on Friday. The wallet has now sold 6,785 ETH since October 26.ETH now trades close to where its mid-August rally began. Yet the wallet’s sales look small next to the money leaving US spot Ethereum exchange-traded funds.The Foundation-Linked Wallet Is Down to 11,000 ETHOn-chain tracker Lookonchain flagged Friday’s sale on X. The wallet placed two 1,000 ETH orders through CoW Swap, minutes apart.It sold 2,785 ETH, worth $6.42 million, on October 26, then two batches of 1,000 ETH earlier this week.The wallet now holds about 11,000 ETH, worth roughly $21.3 million Lookonchain tied recent Foundation-linked sales to fresh ETH drops. ETF data, however, points to a much larger seller.Follow us on X to get the latest news as it happensThe Bigger Seller Sits in Ethereum ETFsSoSoValue data shows US spot Ethereum ETFs recorded $695.9 million in net outflows in November so far.The wallet sold 4,000 ETH this month, worth about $8.03 million based on Lookonchain’s figures. The ETF outflows are roughly 87 times that amount.The Ethereum ETF outflows have also been persistent. The funds bled money in 7 of 8 trading sessions this month.Their total net assets fell from $13.22 billion on October 30 to $11.65 billion by November 11. BeInCrypto earlier reported.Ethereum Price Tests the Base of Its August BreakoutETH’s price has fallen over the same stretch. BeInCrypto Markets data shows ETH at $1,939, down 5.17% over the past 24 hours.ETH last traded this low around August 18, when it closed at $1,917.85. ETH broke out of its summer range the next day and climbed past $2,500 within the week.Analyst More Crypto Online said on X that ETH’s sharp decline has not yet signaled a bottom. The analyst said ETH has reached Fibonacci support at $1,920.51, with $1,832.78 as the next level.The wallet’s remaining 11,000 ETH leaves room for more sales. Still, ETF flows are the larger number to watch for whether ETH holds near $1,920.Subscribe to our YouTube channel to watch leaders and journalists provide expert insights