Ethereum News Today: Ethereum Faces $500M Sell-Off as Whales Hackers and Foundation Offload Holdings

Large-scale ETH sell-offs are currently intensifying as key stakeholders, including the Ethereum Foundation, whale investors, and hackers, move significant volumes of the cryptocurrency. On-chain data reveals a substantial sell-off of over $500 million in ETH over just a few days, driven by both legitimate and illicit actors. A newly created wallet recently moved 17,591 ETH—worth $81.62 million—from Kraken within two hours, while another address, 0x2A92, withdrew 53,434 ETH valued at $242.34 million in two days. This activity reflects increased liquidity pressure and market uncertainty [1].

The Ethereum Foundation-linked wallet 0xF39d has sold a total of 6,194 ETH, worth $28.36 million, in three days. Notably, it sold an additional 1,300 ETH for $5.87 million at $4,518 just 11 hours ago. The wallet has been conducting multiple smaller sales over recent days, which have collectively pushed over $41 million in ETH into the market [1].

Whale activity has also intensified, with one whale selling 20,600 ETH for $96.55 million in two days, generating a profit of more than $26 million. Another whale, associated with a hacker address 0x17E0, sold 4,958 ETH for $22.13 million at $4,463, securing a $9.75 million profit. The same address previously sold 12,282 ETH at $1,932 and later bought back part of the position at higher prices, reflecting a strategic market approach [1].

Hackers have also contributed to the sell-off. A hacker who previously stole $53 million from Radiant Capital has nearly doubled their profit by selling the stolen ETH at a 94% gain. In the past week alone, another group of hackers has offloaded $72 million in ETH, compounding the downward pressure on the asset [3].

Network activity has surged alongside the price rally. CryptoQuant data shows that Ethereum’s total token transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million ETH recorded in mid-July. This increase comes as ETH climbed from around $3,400 to $4,600, with a 24-hour trading volume of $68.25 billion, up 19% on the week [1].

Staking inflows have also spiked to 247,900 ETH on August 14—the highest in the past month—locking a significant portion of the supply and reducing immediate market liquidity. Staking activity typically reduces circulating supply, but it also signals a shift in investor behavior toward long-term value capture rather than short-term speculation [1].

The Ethereum Foundation has officially denied involvement in the $12.8 million ETH sell-off linked to a former associated wallet. The Foundation has indicated the wallet is no longer under its control. Analysts have noted that the Foundation has sold small amounts of ETH during bullish periods in the past, fueling speculation about its market influence [2].

Currently, 808,880 ETH—worth approximately $3.7 billion—is queued for withdrawal, suggesting large players are preparing to offload their positions. If these transactions proceed, they could trigger further price declines, especially if they lead to panic among retail investors [4].

Despite the selling pressure, BlackRock and other institutions continue to accumulate ETH. However, their buying activity has not been sufficient to counterbalance the large-scale sales from whales and hackers. The immediate market outlook remains mixed, with some investors maintaining a bullish stance while others caution against short-term volatility [2].

Sources:

[1] title:Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off? (https://coinmarketcap.com/community/articles/689f7ef5d3fffe3dd57d95ef/)

[2] title: Crypto-News-Today-Live-14-Aug-2025 (https://m.economictimes.com/crypto-news-today-live-14-aug-2025/liveblog/123288029.cms)

[3] title: Radiant Capital Hacker Flips Looted $53M for 94% Profit (https://crypto.news/radiant-capital-hacker-flips-looted-53m-for-94-profit-heres-how-they-did-it/)

[4] title: Will OKB Token Price Crash After 200% Surge (https://crypto.news/will-okb-token-price-crash-after-200-surge/)