Ethereum Foundation-Linked Wallets Move $11.13M in ETH to Kraken

Two cryptocurrency wallets associated with the Ethereum Foundation have transferred approximately $11.13 million worth of Ethereum (ETH) to crypto exchange Kraken, raising speculation about potential selling activity. The latest transactions follow years of similar ETH deposits from the same addresses.

According to blockchain analytics platform Lookonchain, the wallets recently deposited a combined 4,393 ETH into Kraken. The transfers have attracted attention from crypto market participants, with some questioning whether additional Ethereum sales could follow.

On-chain records indicate that the wallets originally received 59,751 ETH from the Ethereum Foundation approximately a decade ago, when Ether traded near $0.90. Since then, the addresses have conducted multiple transactions involving their holdings.

Lookonchain reported that approximately 49,751 ETH from the original allocation has been transferred to Kraken over the past ten years. The estimated average market price during those deposits was around $658 per ETH.

The latest Ethereum transactions come after significant treasury movements earlier this year. In May, blockchain intelligence firm Arkham identified the Ethereum Foundation withdrawing 21,271 ETH, valued at approximately $49.66 million, from staking positions through Lido.

Those withdrawals involved wrapped staked Ether entering Lido's redemption process, with individual batches containing roughly 811 wstETH. The transactions followed the foundation's February announcement that it would stake approximately 70,000 ETH to generate rewards for its treasury.

Meanwhile, the Ethereum Foundation's June 2025 treasury policy permits periodic ETH sales based on operating expenses and fiat reserve requirements. The framework initially established an annual spending target equivalent to 15% of treasury assets and reserves covering 2.5 years of operational costs.

The foundation has also completed substantial Ethereum sales to Bitmine. In April, it sold 10,000 ETH at $2,387 per token, generating approximately $23.87 million to support protocol research, ecosystem development, and community grants.

An earlier March transaction involved another 5,000 ETH sold to Bitmine at an average price of $2,042.96.

Although the latest Kraken deposits have fueled concerns about potential selling pressure, transferring cryptocurrency to an exchange does not necessarily confirm an immediate sale.

At the time of reporting, Ethereum traded near $2,560, gaining 2.3% over the previous 24 hours.