The Ethereum Foundation has executed another large OTC sale amid a modest market rebound. On-chain analyst EmberCN tracked the move: the foundation transferred 10,000 ETH to counterparty Bitmine (@BitMNR) at an average price of $2,292.15, netting approximately $22.92 million. The transaction was later confirmed by the foundation's official announcement.
30,000 ETH Dumped in Six Weeks, Bitmine as Primary Buyer
This is not an isolated event. Over the past six weeks, the foundation has conducted four sell-offs, for a total of 30,000 ETH worth roughly $68.1 million. The timeline:
- March 15: OTC to Bitmine, 5,000 ETH at $2,043.
- April 11: On-chain swap, 5,000 ETH at $2,221.
- April 24: OTC to Bitmine, 10,000 ETH at $2,387.
- May 2: OTC to Bitmine, 10,000 ETH at $2,292.
The foundation regularly sells ETH to fund ecosystem operations and developer grants. However, its timing has historically coincided with local tops, earning it the nickname "top-caller" among crypto traders. The latest heavy selling has reignited concerns over short-term price pressure on ETH.
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