Ethereum’s Decade-Old Wallets Send Millions to Kraken — What’s Behind the Move?

Ethereum’s decade-old wallets send millions to Kraken. Two wallets linked to the Ethereum Foundation deposited 4,393 ETH, worth $11.13M, around 08:50 UTC on 12 October 2026.

The wallets received 59,751 ETH from a Foundation wallet 10 years ago. ETH traded near $0.90 then.

What Did the Wallets Do?

The Arkham screenshot shows one of the two wallets sending 1,395 ETH ($3.53M) to a Kraken deposit address. 

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The same wallet has sent coins to Kraken before, with earlier deposits dating back one year and five years.  

49,751 ETH from the original batch has reached Kraken over the decade. That is about 83% of the allocation. 

The average price was near $658. The location of the remaining 10,000 ETH is not known. Wallet tags can also be wrong, which is why Ethereum’s exchange-flow history was rewritten in recent weeks.

Does a Kraken Deposit Mean a Sale?

Not by itself. Neither the Foundation nor Kraken has confirmed a sale. The Foundation also has not commented. 

The wallets are linked to the Foundation by history, so the Foundation itself may not be the seller. Lookonchain framed the move as a question, asking if the Foundation is dumping ETH again. 

The amount is small next to daily trading volume. Supply matters more right now, since Ethereum exchange liquidity hit a 7-month low on Binance.

ETH Holds Near $2,490

At about 11:10 UTC on 13 October 2026, ETH traded at $2,491.15. That is down 8.2% over seven days. The BTC pair stood at 0.02996788. 

The seven-day chart opens near $2,700 on 7 October. Price fell to about $2,560 by 8 October, then dropped sharply to a low near $2,410 on 9 October. 

ETH held near $2,500 through 11 October. A bounce to about $2,570 came on 12 October. Price dipped to about $2,420 early on 13 October before rebounding to $2,530 and easing back.

A Decade-Long Pattern

The average price of $658 sits far below today’s $2,491. That gap shows how early these coins were. 

Holders also have other choices, and staking APY is not your real return once fees and slashing risk count. 

Ten years of deposits have made this pattern familiar. The next moves out of Kraken will show how this chapter ends.

Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical setups do not guarantee future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. TechGaged does not accept liability for any losses incurred based on the information presented.