Ethereum Foundation sells more ETH as price falls below $2,000: What’s next? - Crypto News
Ethereum's price fell below $2,000 to near $1,938 as the Ethereum Foundation-linked wallet sold another 2,000 ETH worth approximately $3.87 million, while other large holders made opposing trades.
Ethereum's price fell below $2,000 to near $1,938 as the cryptocurrency lost approximately 5.3% in 24 hours. The decline came as blockchain analysts identified an Ethereum Foundation-linked wallet selling another 2,000 ETH worth approximately $3.87 million, while other large holders made opposing trades during the market downturn.
The broader cryptocurrency market also declined, with Bitcoin trading below $69,000, leaving ETH down nearly 13% over seven days. This latest decline followed a period in which Ethereum repeatedly struggled to hold the $2,000 level, having briefly slipped below it on November 12 before recovering.
Liquidations mount as price drops
CoinGlass recorded approximately $288 million in Ethereum futures liquidations over 24 hours, including around $259 million in long positions. Nearly 90% of the liquidated value came from traders betting on higher prices. Liquidations occur when exchanges close leveraged positions after traders can no longer meet margin requirements.
US spot Ethereum exchange-traded funds have experienced significant withdrawals as well. Farside Investors recorded $144.8 million in net outflows on November 11, including $129.8 million from BlackRock's ETHA. Preliminary November 12 data showed another $8 million leaving the funds.
The Bureau of Labor Statistics reported a 0.4% increase in US consumer prices for October, with prices excluding food and energy rising 0.3% over the month. These figures kept inflation and Federal Reserve interest-rate expectations in focus as markets reacted to the economic data.
Foundation wallet continues selling
Blockchain tracker Lookonchain identified an address beginning 0x5CBC as the seller of another 2,000 ETH, valued at approximately $3.87 million. Onchain Lens separately reported that the wallet exchanged the ETH for approximately 3.87 million USDS through CoWSwap.
Both analytics firms described the address as connected to the Ethereum Foundation. Lookonchain called it the fourth sale it had tracked involving Foundation-linked addresses during the recent decline, citing activity on October 12, October 26 and November 10.
The latest transaction followed other sales from the same wallet, including a 1,000 ETH sale worth $2.03 million on November 11, following another 1,000 ETH disposal the previous day. Onchain Lens puts the wallet's total sales over those three days at 4,000 ETH.
Whales make mixed moves
A separate large investor made a much bigger disposal during the downturn. Onchain Lens reported that the address withdrew approximately 8,876 ETH from Aave and swapped 16,700 ETH through CoWSwap, receiving $30.94 million in USDT. The tracker valued the ETH involved at approximately $32.55 million before the exchange, putting the difference between that valuation and the proceeds at around $1.61 million.
Not all large holders were selling, however. Lookonchain tracked a wallet beginning 0x4cee purchasing 10,380 ETH for approximately $19.91 million as prices declined. Following this purchase, Lookonchain estimated that the wallet held 25,498 ETH worth $49.44 million, acquired at an average cost of $2,382 per token, with unrealized losses standing at approximately $11.3 million.
Large ETH purchases had already appeared during the week. On November 9, several whale transactions included a $21.55 million acquisition financed through an Aave loan and another purchase worth $19.7 million. Separately, a wallet inactive for more than two years withdrew 34,601 ETH worth approximately $73.75 million from Binance on November 9.
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