A wallet tied to early Ethereum Foundation distributions just offloaded a sizeable stack of ETH.
On-chain monitors flagged the address selling 2,785 ETH for roughly $6.42 million at an average price of $2,304 over the past hour. The sale moved through CoWSwap into USDS.
Lookonchain highlighted the activity and noted that the last similar suspected sale occurred about two weeks earlier. ETH has since declined roughly 9%.
Why Do Analysts Link This Wallet to the Ethereum Foundation?
The address 0x5CBC6299faB3320E7758ac97fd4CA45E5B722059 carries a long history.
Related wallets originally received tens of thousands of ETH from Foundation-linked sources roughly a decade ago, when the token traded near $1.
Over the years, those holdings have gradually moved toward exchanges and decentralised venues.
While the Foundation has never publicly claimed the current wallet, the on-chain trail keeps drawing attention from trackers.
In short, the pattern of transfers and the original funding source create the connection most observers cite.
How Did the Sale Happen and What Was the Exact Route?
The wallet routed the 2,785 ETH through CoWSwap, a decentralised exchange (DEX) known for minimising slippage on larger trades.
It received USDS stablecoins in return. Using a protocol like CoWSwap rather than a centralised exchange suggests an effort to keep the transaction relatively quiet and efficient.
At the same time, the size remains modest against the broader ETH market.
Still, repeated sales from historically linked addresses tend to catch the market’s eye.
What Happened After Previous Suspected Sales?
Two weeks earlier, related wallets deposited several thousand ETH into Kraken.
Following that move, ETH price softened by about 9%. Market participants now watch to see whether the latest CoWSwap sale produces a similar short-term reaction.
History shows these transfers do not always trigger immediate dumps, yet they often coincide with softer price action in the days that follow.
Does This Signal Broader Ethereum Foundation Selling?
The Foundation has periodically sold ETH over the years to fund operations and grants.
Each new transfer from historically linked wallets revives the same questions about treasury management and potential market impact.
On one hand, the amounts remain small relative to daily ETH volume. On the other, the consistent pattern keeps traders attentive.
For now, the data points to another orderly, mid-sized sale rather than aggressive dumping.
Ethereum holders will continue monitoring the address and any further movements from the same cluster of wallets.
