At first glance, the Ethereum Foundation seems so wronged and pitiful. It's amazing that 0.16% of Devs are working so hard for such a huge project. Why are you being so harsh on EF? Then I checked the Ethereum Foundation's (EF) entire history of ETH holdings. The Ethereum Genesis Block pre-mined 72 million ETH, of which 60 million were allocated to participants in the 2014 crowdfunding and 12 million to the development fund (i.e., the Ethereum Foundation), so it actually accounted for 16.7% at the beginning. But back then it was the Proof-of-Work (PoW) game rule, and EF itself didn't mine, so naturally the tokens were gradually diluted. That was the ancient era, and it's not in the same league as now where project teams control the market and other public chains take 10-50% of the tokens. There's no comparison. However, the EF Foundation actually accumulated its holdings through internal allocation and operations, with peak holdings far exceeding 0.16%. Why are they so low now? It's because they've been continuously selling, so don't sell so badly. I've never seen any other public blockchain foundation sell off its own tokens and provoke such strong backlash. ~~~~~~~~~~~~~~~~~~~~ According to on-chain data from March 2022, the EthDev wallet address showed that the foundation held approximately 353,318 ETH, worth about $827 million. This is roughly the highest verifiable historical holding, representing about 0.3% of the total supply at that time. Several major sell-offs in history In 2017, under Vitalik's leadership, the foundation sold 70,000 ETH, essentially at the peak of the time, which doubled the foundation's operating reserves. In May 2021, when ETH surged to a new high of around $4,000, the foundation sold 35,000 ETH; in November of the same year, the foundation sold ETH again the day after it hit an all-time high of nearly $4,900. Since 2021 alone, the foundation has sold approximately 239,000 ETH, cashing out about $654 million. Accelerated Selling in 2025-2026: By October 2025, the foundation had conducted 17 ETH sales that year, leaving approximately 222,720 ETH remaining. After entering 2026, the foundation continued to sell ETH to BitMine through OTC channels, selling approximately $47 million worth of ETH in the past week alone. As of the latest data, the foundation holds approximately 92,548 ETH, worth about $214.8 million at current prices. In addition, the foundation has pledged approximately 70,000 ETH (about $143 million), which is not included in its liquid holdings. The figure is 0.16% now, but it will be around 0.25% in the second half of 2024. If this rate continues, the foundation's ETH reserves may run out by 2027—which is the core context behind Vitalik's article about "limited resources" and the need to refocus on strategy. ~~~~~~~~~~~~~~~~~~ So, Dev Sell had a blast selling, and its holding ratio dropped. Who's to blame?

Talking so much is pointless if the coin price doesn't budge—it's all for nothing. Might as well want it all.

With limited holdings, wouldn't buying more just create more opportunities? Not even making a swing trade. Just selling, selling, selling. Who can withstand that? Maybe everyone can chip in to help him out?

Sigh twitter.com/BiteyeCN/status/20...