A wallet linked to the Ethereum Foundation sold 2,785 ETH worth roughly $6.42 million within a single hour on October 26, 2026. Blockchain tracker Lookonchain reported that the asset sale took place at an average price of $2,304 per coin.
This move is not the first over the past month. Two weeks earlier, another ETH sale suspected of originating from a foundation wallet was tracked on the network. Since that sale two weeks ago, ETH has dropped about 9% to hover around the $2,304 mark today.
However, the multi-million-dollar transaction carries one crucial caveat regarding the true ownership of the wallet.
Wallet Trail Without an Official Label
Lookonchain used the phrase “wallet linked to the Ethereum Foundation” in its report. This means the connection between the sender address and the non-profit foundation supporting Ethereum relies purely on on-chain fund flow analysis, rather than direct confirmation from the foundation.
To date, the foundation behind the Ethereum network has not released any statement regarding the purpose of the transaction or the ownership of the wallet in question. Without an official announcement from the foundation, the community is left relying solely on transfer histories recorded openly on the blockchain ledger.
Simultaneous Pressure From Major Players
The sell-off from the foundation-linked address took place as the Ethereum market faced pressure from several well-capitalized entities. Two days earlier, on October 24, 2026, Arthur Hayes sold a crypto portfolio worth around $22.28 million, which included 6,400 ETH.
Derivatives market conditions also reflected the strain borne by another large investor. One whale had to deposit an additional $5.67 million in collateral to secure a 93,184 ETH position. That open position was nursing an unrealized loss of $18.62 million amid falling market prices.
In the institutional market, investor sentiment has also yet to recover. Data from Farside Investors shows that spot Ethereum ETF products on US exchanges logged weekly outflows for the fourth consecutive week, with total withdrawals reaching $221 million.
Real Impact on ETH Holders
Reports of consecutive sell-offs from large holders coincided with ETH prices sliding to the $2,304 range. The sale of 2,785 ETH worth $6.42 million within an hour added to the coin supply entering exchanges just as market liquidity was being tested.
For retail ETH holders, this on-chain data shows that coin supply continues to be offloaded by multiple large entities at once, while institutional capital via spot ETFs continues to exit. This environment has market participants watching closely to see whether current price levels can hold against further incoming supply.
Reported by @lookonchain on X.
Also read: How Crypto Staking Works and Its Risks
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.
