Ethereum Foundation Linked Address Sells 2,785 ETH for $6.42M USDS
MissedBlock Desk · · 3 min read
Updated
Ethereum Foundation-Linked Address Reportedly Sells 2,785 ETH for $6.42 Million in USDS
An address reportedly linked to the Ethereum Foundation has allegedly sold 2,785 Ether (ETH) through CoW Swap, netting approximately $6.42 million worth of USDS stablecoins at an average price of $2,304 per ETH. The foundation has not officially confirmed the address’s affiliation or the purpose of these transactions.
On-Chain Activity Sparks Community Attention
On the morning of October 26th, Taipei time, on-chain monitoring revealed that address 0x5CBC…2059 executed multiple sell orders via CoW Swap’s Eth Flow. Several on-chain analysts identified this as a “foundation-linked address,” collectively offloading around 2,785 ETH. The activity quickly drew the attention of the crypto community, fueling recent discussions about whether the foundation is once again selling its ETH holdings.
Transaction Details and Stablecoin Conversion
According to monitoring by Onchain Lens and Lookonchain, the ETH sold was exchanged for approximately $6.42 million worth of USDS, formerly MakerDAO’s stablecoin. The average transaction price was reported to be around $2,304 per ETH. As of this report, the Ethereum Foundation has not publicly confirmed the current ownership of the address or the reasons behind the sale.
The transactions were concentrated between approximately 10:15 AM and 11:09 AM Taipei time (02:15–03:09 UTC). The “Create Order” requests on CoW Swap Eth Flow were for approximately 185, 500, 600, 1,000, and 500 ETH, totaling 2,785 ETH. This indicates a phased selling strategy rather than a single large liquidation.
The choice to utilize a batch matching protocol like CoW Swap, rather than a direct liquidity pool, is common for entities aiming to minimize slippage and break down large sell orders into multiple smaller ones. The fact that the ETH was exchanged for USDS, rather than directly converted to fiat currency, suggests a preference for on-chain stablecoin assets.
Post-Sale Holdings and Stablecoin Usage
Etherscan data indicates that the address still holds approximately 15,000 ETH after the sale. On-chain analysis also shows that a portion, or a significant amount, of the acquired USDS has been deposited into sUSDS (Savings USDS). The specific operational use of these funds remains to be officially clarified by the foundation.
Previous Selling Activity and Market Impact
On-chain analyst Ai 姨 (@ai_9684xtpa) also noted that this marks another observed sale from this linked address, following similar activity on October 12th.
Previously, around October 12th, Taipei time, Lookonchain reported that two foundation-linked wallets deposited a total of 4,393 ETH, valued at approximately $11.13 million, into Kraken. The average price at that time was around $2,534.
While the current transaction route differs by directly exchanging ETH for stablecoins via CoW Swap, it has once again triggered discussions about the foundation’s potential treasury management adjustments.
Lookonchain also highlighted that ETH has seen a decline of approximately 9% since the suspected selling pressure emerged two weeks ago. As of this report (approximately 2:45 PM Taipei time on October 26th), CoinGecko data shows ETH trading around $2,315, with a roughly 1.3% decrease in the past 24 hours.