The Ethereum Foundation unloaded another 10,000 ETH to BitMine this week, marking the third OTC deal between the two parties. That's roughly $47 million worth of Ethereum moving in seven days.
The pace is drawing heat. Holders are watching the Foundation dump coins at a clip that looks aggressive, especially when ETH sentiment remains fragile. This isn't the Foundation's first rodeo with BitMine either. Multiple sales in a compressed timeframe signal either urgent liquidity needs or a deliberate strategy to offload holdings without triggering major price pressure through public markets.
The context matters here. The Ethereum Foundation controls substantial reserves. How it manages those reserves shapes narrative around the network's financial health and long-term vision. Selling into OTC channels keeps sales quiet, but once holders notice the pattern, it becomes a talking point. The Foundation funds development through these reserves. Heavy selling raises questions about runway and budget priorities.
BitMine's role is worth noting too. Repeated large purchases from the same buyer suggest either a strategic accumulation play or a structured agreement. Either way, the Foundation clearly sees BitMine as a preferred counterparty.
ETH holders are watching the price action closely. These kinds of supply movements can matter if sentiment shifts.