Large early Ethereum holders continue to realize the historic success of the network and carefully take advantage of the temporary fluctuations in market optimism. Two wallets directly related to the Ethereum Foundation transferred 4,393 ETH to the Kraken exchange, amounting to approximately $11.1 million.

The article states that this transaction was not an impulsive move, but rather part of a carefully planned 10-year strategy. Over the past decade, these addresses have sent a total of 49,751 ETH to exchanges. Calculated by today's standards, the average selling price was 658 US dollars; however, it should be noted that these coins were initially acquired in the early stages of the project, when the price of ETH was less than 1 US dollar.

ETF Capital Flow and Market Absorption Capacity

For buyers, this price level is currently the main short-term defense line. As long as this level is held, there is still a chance for the market to challenge the local resistance around $2,651.

Meanwhile, the long-term trend remains intact, with the key 200-day moving average situated around the lower level of $2,136, indicating that the broader market structure is still bullish.

The core issue is whether the market can absorb such a large volume, against the backdrop of weakening spot Ethereum prices in the United States. By mid-October, institutional investors had clearly lost their appetite for risk, with funds flowing out for nine consecutive days, resulting in a total withdrawal of over $542 million from these funds.

As traditional funds withdraw liquidity from the market and larger amounts of coins enter the sell side, it is inevitable that this will put upward pressure on prices.

There are still approximately 10,000 ETH coins in the balances of related addresses. If this batch of coins also begins to be transferred, it may become difficult to hold the psychological barrier of $2,500, and market dominance will quickly revert to the bears, opening up space for a further decline to $2,400.