BREAKING: Ethereum Foundation-Linked Wallets Send $11 Million in ETH to Kraken — Traders Watch for Selling Pressure
The history behind the wallets is what caught the market's attention. One of them first received 59,751 ETH from a foundation address about ten years ago, in 2016. Since then, 49,751 ETH from that original amount has gradually been moved to Kraken over the years, at an average price of around $658 per coin, so this looks like part of a long pattern rather than one sudden panic move.
For now, the reason for this latest transfer is not clear. Neither the Ethereum Foundation nor Kraken has made a public statement about it, and similar linked transfers to Kraken were also spotted earlier in 2026. A deposit to an exchange does not by itself prove a sale has happened, but traders know exchange deposits can come before selling, so they watch them closely.
The timing matters for the Ethereum price. ETH has only just moved back above $2,500 after a volatile week of liquidations and weak ETF flows, so any extra coins arriving on an exchange adds caution. If ETH holds above $2,500, buyers may treat this as normal operational activity. If the price slips below that level while more deposits follow, short-term selling pressure could grow.
Traders will now watch whether more foundation-linked ETH moves in the coming hours, and whether Ethereum can defend its key levels while Bitcoin tries to hold above $84,000. Until there is an official explanation, this story is mainly a sentiment signal — important to watch, but not proof of a big sell-off on its own.
Read also: BREAKING: Ethereum Traders Hit Hardest as $1.19 Billion in Crypto Liquidations Wipe Out Longs — https://irfanbgremover.blogspot.com/2026/10/breaking-ethereum-traders-hit-hardest.html
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: CryptoBriefing, Cointime, CryptoFox News
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