The Ethereum Foundation dumped another 10,000 ETH, roughly $23 million, into BitMine's hands. This marks the second consecutive weekly sale to Tom Lee's treasury management firm, signaling the foundation continues offloading holdings at a steady clip.
BitMine has become the go-to buyer for Ethereum Foundation liquidations. The pattern matters because it shows how major protocol treasuries move large blocks without tanking price. Rather than dumping to the open market, the foundation uses intermediaries like BitMine to place tokens with institutional buyers quietly.
This ongoing sale cadence raises questions about the foundation's burn rate and long-term capital needs. If the foundation maintains this pace, it'll cycle through millions in ETH monthly. The foundation typically converts holdings to stablecoins to fund development and operational costs, so these sales reflect real cash needs rather than panic selling.
The two-week streak suggests this isn't a one-off trade. Watch whether BitMine becomes a regular counterparty or if the foundation shifts buyers. For holders, repeated institutional-style sales like this can suppress upward pressure, but orderly liquidations beat dumping into spot markets every time.