An Ethereum Foundation-linked wallet with the address 0x5CBC sold 1,000 ETH worth approximately $2.025 million via CoW Protocol on November 11, 2026. From the transaction, the wallet received 2.025 million USDS at an average execution price of $2,025 per ETH. The sale on November 11 marked the second offloading move by the same address in two consecutive days.
A day earlier, on November 10, 2026, the 0x5CBC address offloaded 1,000 ETH at an average price of $2,130 per ETH, slightly higher than the subsequent transaction. Through the two consecutive transactions, the total liquidated assets reached 2,000 ETH valued at $4.16 million in stablecoins. All the stablecoin proceeds were subsequently returned to the Gnosis Safe proxy wallet via CoW Protocol contracts.
Accumulated Sales of $10.58 Million Since Late October
The mid-November offloading was not the first move by the 0x5CBC address. Since October 26, 2026, cumulative asset offloading from this wallet reached 4,785 ETH with a total value of around $10.58 million. That figure includes a transaction on October 26, 2026, when the wallet sold 2,785 ETH at an average price of $2,304 per coin.
This movement aligns with activity from other foundation-affiliated wallets. On October 12, 2026, two wallets linked to the Ethereum Foundation transferred 4,393 ETH worth $11.13 million to the Kraken crypto exchange. Both addresses were recorded as part of an older wallet entity that distributed 59,751 ETH a decade ago.
Spot ETF Pressure and Counter-Moves by Whale Investors
The consecutive sell-offs by the foundation occurred as ETH prices hovered around the $2,000 range. That price level followed net outflows from spot Ethereum ETF products in the US market, which recorded capital withdrawals of $184.51 million on November 9, 2026.
Amid the foundation sales and ETF withdrawals, several large whale investors took the opposite direction. On-chain data shows whales actively accumulating ETH. One whale borrowed $22 million in USDT from lending platform Aave to purchase $21.55 million worth of ETH.
For market participants watching price action around the $2,000 level, these transactions highlight two opposing capital flows. On one hand, foundation-affiliated addresses continue liquidating holdings into stablecoins, while on the other, market whales are borrowing tens of millions of dollars to buy up circulating supply.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
