The Ethereum Foundation unloaded another 10,000 ETH to BitMine this week, marking the third OTC deal between the two parties in seven days. The latest sale totaled roughly $47 million worth of Ethereum, intensifying criticism around the foundation's selling pace and volume.
This rapid-fire series of transactions raises questions about the foundation's treasury management strategy. Dumping that much ETH in such a compressed timeframe creates selling pressure on the market, especially when holders are watching for institutional accumulation signals elsewhere in the ecosystem.
The foundation has historically used OTC sales to fund operations and grants, but the scale here catches attention. Three deals in one week suggests either urgent capital needs or a strategic decision to offload holdings before market conditions shift. Either way, it signals the foundation sees value at current prices and is willing to crystallize gains aggressively.
For ETH holders, this matters. Large foundation sales can weigh on price momentum, particularly if more tranches are coming. BitMine's willingness to absorb multiple blocks of this size indicates serious buyer interest, but the speed matters more than the buyer. Foundation selling at scale typically gets scrutinized by the community, and this pace guarantees more questions ahead.