Summary Two Ethereum Foundation-linked wallets transferred 4,393 ETH worth $11.1 million to Kraken, extending their decade of exchange distributions. Ethereum ETFs recorded nine consecutive d
Two Ethereum Foundation-linked wallets transferred 4,393 ETH, worth about $11.1 million, to cryptocurrency exchange Kraken, continuing their historical distribution activity.
According to blockchain transaction data, the addresses have transferred 49,751 ETH to exchanges over the past decade at an average estimated selling price of $658 per ETH, significantly below Ethereum’s current market value.
The transfers coincide with sustained withdrawals from U.S. spot Ethereum exchange-traded funds, which recorded nine consecutive days of net outflows. Combined withdrawals exceeded $542 million, reflecting weaker institutional demand during the reporting period. Meanwhile, Ethereum trades around $2,550, placing the cryptocurrency near an important technical support area as exchange activity increases.
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The two wallets have maintained a long transaction history dating back to Ethereum’s early development, when ETH traded below $1. Their latest transfer represents another substantial movement from addresses associated with the network’s earliest token distributions.
Significantly, approximately 10,000 ETH remains in these wallets, leaving additional holdings available for potential transfers to cryptocurrency exchanges. At current prices, those remaining assets carry an estimated value of $25.5 million, exceeding the latest Kraken deposit.
Despite the substantial transfers, exchange deposits do not necessarily confirm immediate selling because wallet owners can move assets for different purposes. The Ethereum Foundation has previously distinguished historical wallet distributions from transactions involving its current operational budget and treasury management.
Meanwhile, institutional investment activity presents another challenge, with Ethereum ETFs recording withdrawals exceeding $542 million across nine consecutive trading sessions. These withdrawals indicate declining net demand through regulated investment products, coinciding with the movement of substantial ETH holdings toward Kraken.
Ethereum’s daily chart places its price near $2,550, slightly above the 50-day moving average, an important short-term technical indicator. Buyers currently face resistance around $2,651, while the 200-day moving average stands considerably lower at approximately $2,136.
Source: TradingView
A sustained decline below $2,500 could weaken the current price structure and expose Ethereum to additional downward pressure. Conversely, maintaining support above that threshold could allow buyers to challenge the $2,651 resistance level during subsequent trading sessions. Further transfers from the remaining wallet balances could increase exchange supply, particularly if their owners decide to liquidate additional holdings.
The $11.1 million Kraken transfer adds to Ethereum’s historical exchange activity during a period of substantial institutional fund withdrawals. Ethereum’s performance around $2,500 and further movements from the linked wallets remain key developments for market participants.
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