Just as the Ethereum market saw a slight rebound recently, Ethereum Foundation wallet addresses experienced another large-scale sell-off.
According to a tracking report by well-known on-chain data analyst EmberCN, the Ethereum Foundation recently transferred out another 10,000 ETH . Subsequently, an official announcement from the Ethereum Foundation confirmed the transaction, stating that they sold these 10,000 ETH to Bitmine (@BitMNR) through over-the-counter (OTC) trading at an average price of $2,292.15 , for a single transaction amounting to approximately $22.92 million.
Bitmine becomes the biggest buyer, selling 30,000 ETH in a month and a half.
This is not the first time the Ethereum Foundation has cashed out recently. According to Ember's statistics, in the past month and a half, the Ethereum Foundation has conducted four intensive sell-offs, selling a total of 30,000 ETH, worth approximately $68.1 million .
Looking back at the timeline of the reselling over the past month and a half, it can be seen that Bitmine, an institutional investor, is its primary OTC trading counterparty:
- March 15: Sold 5,000 ETH to Bitmine via OTC for $2,043.
- April 11: 5,000 ETH were sold via on-chain Swap at a price of $2,221.
- April 24: Sold 10,000 ETH to Bitmine via OTC for $2,387.
- May 2: Sold 10,000 ETH to Bitmine via OTC for $2,292.
The Ethereum Foundation regularly sells its ETH holdings to cover ecosystem operating expenses and developer funding programs. However, because its past sell-offs have often precisely timed themselves at relative market highs, it has been jokingly referred to as the "Master of Market Tops" by the crypto community. This recent large-scale and intensive sell-off by the Foundation has raised concerns among investors about potential short-term downward pressure on Ethereum's price.
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