Top Signal? Ethereum Foundation Sells $3.5 Million in ETH at $2900

ETH has gained 16.7% in the past seven days and over 8% in the past 24 hours alone. This comes amid a heated rally in the broader cryptocurrency market where BTC’s price just reached a new all-time high above $118,000.

Ironically, some warning signs are starting to pop already. According to popular on-chain monitoring resource Lookonchain, a wallet linked to the Ethereum Foundation has sold 1210 ETH for 3.5 million USDC at an average price of around $2890 over the past hours.

A wallet linked to the #EthereumFoundation sold 1,210 $ETH for 3.5M $USDC at an average price of ~$2,890 over the past 6 hours. pic.twitter.com/ez1k5Q6uT1

— Lookonchain (@lookonchain) July 11, 2025

At the time of this writing, ETH’s price is trading above $3,000 for the first time since late February 2025.

Source: TradingViewBut why is this a worrying signal? Well, there are certain things that the crypto community has playfully earmarked as bad news in the past few cycles. For instance, whenever you start seeing Jim Cramer talking about how Bitcoin is the greatest asset and that he owns millions of it, it’s time to unpack. The Ethereum Foundation selling has kind of been the same sign, at least on multiple occasions.

The entity sells ETH to fund development and it’s usually offloading during rallies, oftentimes marking local tops.

Of course, that’s not always the case. For example, last year, it sold different batches of ETH in September, October, and November, while the cryptocurrency achieved a local top in December.