Ethereum Foundation Wallet Sells 2,000 ETH as ETH Slides Below $2,000

A wallet tied to the Ethereum Foundation sold another 2,000 ETH worth roughly $3.87 million on Friday, according to on-chain analytics firm Lookonchain, as Ethereum's price broke below $2,000 and futures markets liquidated about $288 million in leveraged positions over 24 hours.

Lookonchain identified the selling address as one beginning 0x5CBC and linked to the Ethereum Foundation. The firm called it the fourth Foundation-linked sale it has tracked during the current decline, following transactions on October 12, October 26 and November 10. Onchain Lens separately reported that the wallet swapped the ETH for approximately 3.87 million USDS through CoWSwap.

The pace of disposal has accelerated. The same address sold 1,000 ETH worth $2.03 million on November 11 and another 1,000 ETH the day before, according to prior on-chain reports. Onchain Lens puts the wallet's total sales across those three days at 4,000 ETH. The November 10 transaction ended a two-week pause; before it, the address had sold 2,785 ETH for roughly $6.42 million on October 26.

What happened to ETH's price?

ETH traded near $1,938 at the time of reporting, down about 5.3% in 24 hours and nearly 13% over seven days, according to crypto.news price data. The token touched $2,050 during the previous day before sliding to roughly $1,905. Bitcoin also traded below $69,000 as the broader market declined.

The drop came after repeated failures to hold the $2,000 level. On November 12, ETH briefly slipped to $1,980 before recovering; Friday's session pushed it back through the $1,900s.

The macro backdrop added pressure. The Bureau of Labor Statistics reported on November 10 that US consumer prices rose 0.4% in October, with core inflation up 0.3% — figures that keep Federal Reserve rate expectations in focus for crypto traders.

How much leverage got wiped out?

CoinGlass recorded approximately $288 million in Ethereum futures liquidations over 24 hours, including about $259 million in long positions — nearly 90% of the liquidated value came from traders betting on higher prices. Liquidations occur when exchanges close leveraged positions after traders can no longer meet margin requirements.

US spot Ethereum ETFs saw withdrawals too. Farside Investors recorded $144.8 million in net outflows on November 11, including $129.8 million from BlackRock's ETHA. Preliminary data for November 12 showed another $8 million leaving the funds.

Which whales sold?

Onchain Lens reported that a large investor withdrew about 8,876 ETH from Aave and swapped 16,700 ETH through CoWSwap, receiving $30.94 million in USDT. The tracker valued that ETH at roughly $32.55 million before the swap, implying about a $1.61 million difference between valuation and proceeds. The same investor had bought 8,631 ETH for approximately $23.67 million a month earlier, at an average price of $2,743 per token.

Lookonchain also flagged a wallet that received 1,500 ETH from Tornado Cash and sold 1,499.5 ETH for roughly $3 million, at an average price near $1,998. On November 12, another holder reportedly sold 6,532 ETH worth about $13.62 million — a sale Lookonchain estimates produced a $3.1 million loss on ETH purchased roughly a month earlier.

Who kept buying?

Lookonchain tracked a wallet beginning 0x4cee purchasing 10,380 ETH for about $19.91 million as prices fell. The same address previously earned roughly $3.66 million trading 10,500 ETH two months prior. After the latest buy, the wallet held 25,498 ETH worth $49.44 million at an average cost of $2,382 per token — an unrealized loss of approximately $11.3 million at current valuation.

Other large purchases appeared earlier in the week. On November 9, whale transactions included a $21.55 million acquisition financed through an Aave loan and a separate $19.7 million buy. The same day, a wallet dormant for more than two years withdrew 34,601 ETH worth roughly $73.75 million from Binance — a transfer of existing tokens rather than a confirmed new purchase.

With ETH oscillating around the $1,900–$2,000 band and Foundation-linked wallets now selling on consecutive days, the next test is whether the ETF outflow streak and long-position liquidations taper before the $1,900 support gives way.