Two wallets linked to the Ethereum Foundation sent 4,393 ETH, approximately $11.1 million, to Kraken. The transfer comes as ETH trades near $2,550 and U.S. spot Ethereum ETFs record outflows, with the $2,500 level in focus.
Two wallets directly linked to the Ethereum Foundation transferred 4,393 ETH (approximately $11.1 million) to the Kraken exchange. U.Today reports the move takes advantage of a local wave of market optimism.
Over the past decade, a total of 49,751 ETH has been sent from these addresses to exchanges. The average selling price was $658 by today's standards, and the coins were originally acquired when ETH was worth less than a dollar.
ETH holds just above its 50-day average
ETH/USD has settled around $2,550, just above its 50-day moving average. As long as that level holds, the market still has a chance to challenge local resistance at $2,651.
However, the 200-day moving average sits much lower, around $2,136. U.Today reads that as confirmation that the broader structure remains bullish.
ETF outflows test demand for the coins
The main question is whether the market can absorb this volume amid weakness in U.S. spot Ethereum ETFs. By mid-October, institutions had recorded a nine-day streak of outflows that drained more than $542 million from the funds.
The Ethereum Foundation has traditionally emphasized that legacy wallets tied to early distributions are unrelated to its current operating budget.
Approximately 10,000 ETH remains in the balances of these addresses. If that batch also starts moving, U.Today says the $2,500 threshold could fail to hold, opening the way toward $2,400.
Source: U.Today
Trading involves risk.
Risk Disclaimer
