Two Ethereum Foundation-linked wallets sent 4,393 Ethereum (ETH), worth about $11.13 million, to Kraken. An exchange deposit alone does not prove a sale, but the transfer adds to a decade-long run of similar moves.

The wallets received 59,751 ETH from an Ethereum Foundation (EF) wallet about a decade ago, when onchain analytics account Lookonchain says ETH traded at $0.90. Neither post shows that the ETH sent to Kraken was sold.

Do Kraken Deposits From Ethereum Foundation-Linked Wallets Mean Selling?

on-chain analysts says 49,751 ETH from the original batch has reached Kraken over the past decade, at an average price of about $658.

That would leave 10,000 ETH from the 59,751 ETH allocation, though neither post says where it sits.

Lookonchain framed the transfer as a question, asking whether the foundation is dumping ETH again.

Deposits can precede sales, but the posts show only transfers, not executed trades.

How Does the Foundation Usually Disclose ETH Sales?

The EF’s June 2025 policy targets annual spending of 15% of its treasury and a reserve covering 2.5 years of operating costs, with a planned glide toward 5% over five years. It says those targets will be reviewed as conditions change.

It also says the foundation periodically calculates how much, if any, ETH to sell over the following three months. Sales typically run through fiat off-ramps, which convert crypto into traditional currency, or onchain swaps.

The EF announced a 5,000 ETH conversion on X in April, routed through CoW Swap, a trading platform that spreads large orders over time.

Neither post about the Kraken deposits cites an EF statement.

That gap leaves onchain watchers reading wallet labels without confirmation from the foundation. As long as sales follow a periodic cycle, transfers like this one may keep raising the same question before an answer arrives.

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