ETH’s price dropped by 32% within 24 hours, reaching as low as $3,820. Last month, the Foundation sold small amounts of ETH to support independent DeFi projects; however, none of those transactions exceeded $10 million.

Analysts: “Funds Might Go to Developers”

Some analysts believe the funds could be directed to experienced developers as compensation rather than direct market sales. This view follows a recent event: Geth senior developer Peter Szilágyi resigned from the Ethereum Foundation last week, criticizing its low-pay policies.

Szilágyi revealed that during his six-year tenure, he earned only $625,000 — far below what he considered fair for his contribution to the project. His statement caused a strong reaction within the community, reigniting debate over the Foundation’s compensation structure.

The Ethereum Foundation’s Co-Executive Director addressed the issue today, apologizing and stating that “senior developers are not compensated enough for the value they bring.” This statement fueled speculation that the large transfer might be related to personnel payments.

Market Fears of Panic Selling

The crypto community is now waiting for an official statement from the Ethereum Foundation. Investors are watching on-chain data to confirm whether the Foundation will sell these funds. Historically, similar transactions have created short-term selling pressure.

Crypto analysts highlight three main possibilities:

• The Foundation might sell ETH to cover developer salaries and research grants.

• Part of the ETH could be distributed as grants to independent projects.

• The transfer may simply be a precautionary wallet reorganization.

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According to Capriole Investments founder Charles Edwards, long-term holders—known in crypto circles as “OGs”—have been systematically selling their BTC holdings to institutions. “They’re dumping on Wall Street,” Edwards said, explaining the persistent selling pressure.

New Cohorts Absorb the Sell-Off

Edwards highlighted that the six-month BTC holder group has absorbed nearly all of the supply sold by long-term holders over the last 18 months. This new cohort includes recent corporate entrants like Cardone Capital, ProCap (which is going public), Panther Metals, and Green Minerals.

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He believes these firms will spark a “massive Bitcoin treasury flywheel,” eventually overtaking the ETF narrative as more companies jump in to accumulate BTC.

Short-Term Caution Ahead of Economic Triggers

Meanwhile, BTSE’s Jeff Mei noted that traders are locking in profits ahead of the July 9 tariff deadline, fearing unresolved trade tensions. He added that more public companies are starting to accumulate Bitcoin, though their impact may take time to materialize.

Han Xu from HashKey Capital pointed out that macroeconomic risks—such as tariff negotiations and budget legislation in the U.S.—are making investors cautious. Any unexpected developments “could trigger a sell-off,” he warned.

Despite these concerns, Bitcoin remains in a tight trading range between $102,000 and $110,000. On Monday, BTC briefly touched $108,750—its highest in two weeks—but failed to break resistance.

Notably, U.S. spot Bitcoin ETFs have seen over $3.2 billion in inflows in the past two weeks, with zero outflow days, and more Bitcoin treasury firms are appearing each week.

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The world’s largest cryptocurrency, Bitcoin, fell 6% to $89,617, reaching its lowest level this year. Earlier in the day, Bitcoin dropped as low as $88,355. Major altcoins experienced steeper declines; Ethereum lost 10.45% to $2,410, XRP dropped 10.5% to $2.21, and Solana fell 12.6% to $138.6. The overall crypto market declined 6.8%, while the GMCI 30 Index, which tracks the performance of the top 30 cryptocurrencies, fell 8.96%.

Markets Face Widespread Uncertainty

Equity markets have also faced pressure after U.S. President Donald Trump announced tariffs on Canada and Mexico. The 30-day suspension on these tariffs is set to expire next week, raising concerns among investors.

Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick noted that the growing risk-off sentiment in traditional markets has negatively impacted crypto assets. This bearish outlook is also reflected in the Crypto Fear and Greed Index, which dropped to 25, its lowest level in five months.

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Kendrick highlighted that Bitcoin is under pressure due to Solana-driven meme coin sell-offs and broader market corrections. He also pointed out that since the U.S. election, the average purchase price of Bitcoin spot ETFs has risen to $96,500, meaning many investors are now underwater at current price levels.

Signs of a Potential Recovery in the Medium Term

However, Kendrick sees a possible recovery for Bitcoin in the medium term. Declining U.S. Treasury yields could eventually support Bitcoin, but he warned that now is not the time to buy the dip, predicting that Bitcoin could fall further to the low $80,000s.

HashKey Global Managing Director Ben El-Baz pointed out that the crypto market’s strong correlation with U.S. equities has led investors to offload risk assets like Bitcoin. He emphasized that if critical support levels are not regained, a prolonged bear market could be in play.

Meanwhile, traders are closely watching Friday’s release of the U.S. Personal Consumption Expenditures (PCE) Price Index. This data is considered one of the Federal Reserve’s key inflation indicators. If inflation appears to be approaching the Fed’s 2% target, expectations for rate cuts could rise, potentially sparking Bitcoin‘s next bullish move.

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