Ether Price Dips Below $2K as Ethereum Foundation Dumps 5000 ETH in 5 Day - Bitcoin News
A wallet linked to the Ethereum Foundation sold another 1,000 ETH on Saturday, taking its five-day total to 5,000 ETH worth about $9.92 million as ether sank as low as $1,900.
The wallet 0x5CBC, linked to the Ethereum Foundation, has been systematically offloading ether, swapping 1,000 ETH for USDS stablecoins through Cowswap on Saturday. This brought the five-day total to 5,000 ETH sold for approximately $9.92 million at an average price of $1,983.5. The foundation moved 7.79 million USDS to a multisig Safe wallet shortly after the transaction.
The sales have become a notable market signal. Analytics account ai 9684xtpa reported that the wallet has sold 7,785 ETH since Oct. 26, worth about $16.35 million at an average price of $2,100. Approximately 10,000 ETH, worth roughly $19 million, still remains in the wallet.
Market Impact
Foundation-related sales have consistently preceded price drops. Lookonchain noted declines of 9% after an Oct. 12 sale, 7.7% after Oct. 26, and 10.4% after Nov. 10. While correlation doesn't equal causation, and $9.92 million represents a small fraction of ether's daily trading volume, the pattern has drawn market attention.
every time Ethereum Foundation-linked wallets dump ETH, the asset's price drops
The foundation has previously stated it sells ETH to fund grants, research, and operating costs. However, the timing of sales during price declines creates challenging optics, especially as the organization faces legal challenges including a lawsuit over an employee firing.
Price Pressure
Ether traded as low as $1,898 early Saturday, down 15.4% over seven days and 19.5% over 30 days. The cryptocurrency sits 61.6% below its all-time high of $4,946 from August 2025. The decline triggered over $330 million in crypto liquidations across ETH, bitcoin, XRP, and SOL.
The price squeeze has impacted major holders. Bitmine, chaired by Tom Lee, reported a $6.3 billion net loss for its fiscal year, while Whale Insider estimated its unrealized losses at $8.6 billion. Not all large holders are exiting, however. Shapeshift founder Erik Voorhees bought 2,504 ETH for $4.75 million, and whale 7 Siblings added 9,766 ETH worth $18.88 million.
Ether now sits between long-term buyers stepping into the dip and the foundation's continued conversion of ETH to stablecoins. Traders will watch whether the remaining 10,000 ETH in the 0x5CBC wallet gets sold, as past patterns suggest such sales have preceded further price declines.
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