The foundation stated that the proceeds would fund core activities, including protocol research and ecosystem development. However, the choice of BitMine as the direct buyer immediately drew scrutiny.

Why the Ethereum Foundation Sold ETH

The Ethereum Foundation has previously faced market attention for token sales. This recent sale’s aim is clear: funding essential operations.

Revenue from the sale will support:

• Protocol research

• Network development

• Community grants

• Ecosystem growth programs

This marks a strategic shift. The foundation, which long kept its ETH holdings idle, has recently begun actively managing its treasury.

Last month, it staked 70,000 tokens, with the rewards directed toward ecosystem development and community grants.

0/ Today, the Ethereum Foundation finalized the terms of a 5,000 ETH sale at an average price of $2,042.96 via OTC.

For this sale, our OTC counterparty was @BitMNR.

— Ethereum Foundation (@ethereumfndn) March 14, 2026

BitMine’s Growing Ethereum Position

The controversial part is the buyer. BitMine already ranks as one of Ethereum’s largest institutional holders, currently controlling:

• Over 4.47 million ETH

• Valued at approximately $9.07 billion

Last year, BitMine, led by Tom Lee, publicly stated its intention to acquire 5% of circulating ETH supply, executing aggressive purchases since then.

In Proof-of-Stake networks, voting power and consensus influence are directly linked to token holdings. Large accumulations by a single institution may conflict with Ethereum Foundation’s historic emphasis on decentralization and anti-monopoly principles.

Remaining Ethereum in the Foundation Treasury

After the sale, the foundation still holds over 200,000 ETH, valued at around $424 million.

This indicates a financial strategy shift. Previously, the foundation avoided active treasury management to prevent influencing network consensus, but now it leverages both sales and staking to fund operations.

Leadership Change and New Governance Manifesto

These developments coincide with recent leadership changes. Earlier this month, co-Executive Director Tomasz Stańczak resigned, with Bastian Aue stepping in temporarily.

The foundation also released a new governance manifesto, aligning its mission with decentralization and open-source principles. The document emphasizes avoiding protocols deemed “surveillance-friendly” or overly centralized.

Analysts note that the ETH sale and growing institutional holdings may rekindle debates about network centralization, especially in Proof-of-Stake environments.

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In crypto markets, sometimes it’s not the charts but the wallets that speak. This was one of those moments.

Sales began on February 2 and accelerated in recent days

According to blockchain analytics platforms Lookonchain and Arkham, Buterin’s sales began around February 2. Since then, the transactions have been executed at an average price of approximately $2,027 per ETH. This detail matters. The sales were not executed all at once but distributed over time.

Activity increased noticeably in recent days. Within just the three-day period leading up to February 24, a total of 3,765 ETH changed hands. This amount was worth roughly $7.08 million. Blockchain tracking platform Onchain Lens confirmed that these transactions were converted into stablecoins.

Technically, these were sales. But context matters. Buterin did not convert these assets for personal spending, but rather to generate liquidity for technology funding.

Part of a $45 million open-source funding initiative

On January 30, Buterin announced that he had withdrawn approximately 16,384 ETH into his personal control. At the time, the assets were worth around $45 million. The goal was clear: to accelerate the development of open-source, secure, and verifiable technologies.

The planned funding spans a wide range of sectors.

These include financial infrastructure, secure communication systems, decentralized governance tools, operating system components, secure hardware solutions, and biotechnology projects.

Buterin described the move as a personal contribution aligned with the Ethereum Foundation’s long-term sustainability strategy. As such, the transactions represent a redistribution of capital within the ecosystem rather than an exit from it.

In other words, this was not an abandonment. It was more of a repositioning.

ETH was already under price pressure

To understand the impact of the sales, market conditions must be considered. Ethereum was already in a weak phase.

Recent market data shows Ethereum has lost approximately 38% of its value over the past 30 days. The asset is currently trading around $1,825. This places it roughly 63% below its previous all-time high of about $5,000.

On-chain data also shows that some of the sales coincided with short-term price declines. For example, following the sale of 6,958 ETH, the price dropped by 22.7%. Similarly, after another sale of 1,869 ETH, the price declined by 5.7%.

At first glance, this creates the impression of direct impact. However, market dynamics are rarely one-dimensional. During the same period, broader risk-off sentiment, ETF outflows, and overall crypto market weakness also contributed to the downward pressure.

Community reaction is divided

Market participants on X expressed mixed reactions to the continued selling. Some criticized the timing, arguing that selling during an already weak market further damaged investor confidence.

Some users directly called for the selling to stop, while others described the situation as embarrassing. These reactions highlight the continued psychological influence that founder wallet activity has on market perception.

However, others took a different view. Supporters pointed out that Buterin had publicly announced his funding plans in advance and that the transactions were part of a planned initiative rather than an unexpected exit. From this perspective, the sales represent a liquidity strategy for long-term technological investment.

Founder sales in crypto markets often create not only supply pressure but also perception-driven volatility. Because blockchain transparency allows investors to track wallet activity in real time, reactions can be immediate.

What does this mean in the bigger picture?

Founder sales are often interpreted as bearish signals, especially during weak market conditions.

Buterin’s conversion of ETH into stablecoins reflects a need to generate liquidity. However, the purpose of this liquidity is not speculative exit, but direct funding for technology development.

In the short term, such sales can create price pressure. This is not unusual. But from a long-term perspective, the use of these funds to strengthen the Ethereum ecosystem may present a different outcome.

And in crypto markets, the true impact of moves like this is often not priced in immediately—but later.

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Investors are divided between buying the dip and reducing positions, making it difficult for ETH to establish a clear direction in the short term.

Vitalik Buterin Sells ETH and Converts to WETH

On-chain data shows that Vitalik Buterin sold 493 ETH on February 3, worth about $1.16 million. This follows a previous 211.84 ETH sale for 500,000 USDC.

In addition, Buterin converted over 5,000 ETH into WETH. While this does not necessarily indicate immediate selling, the timing amid a market crash created additional pressure.

However, the Ethereum Foundation clarified that these transactions are not speculative. During the “mild austerity” phase, 16,384 ETH were withdrawn to fund open-source security, privacy, and verifiable technology projects. These funds will be deployed gradually over the years rather than sold immediately.

Trend Research Deposits 30,000 ETH on Binance

Further selling pressure comes from Trend Research. According to Onchain Lens, the firm deposited 30,000 ETH on Binance today, continuing a recent liquidation trend.

In the past few days, Trend Research has sold a total of 93,588 ETH for repayments and leveraged positions. Arkham data shows the fund lost about $400 million recently. To reduce liquidation risk, large ETH holdings were moved to exchanges.

Trend Research’s total ETH exposure has dropped from nearly $2 billion last month to $1.33 billion. The liquidation price range for their holdings is between $1,781 and $1,862, creating a critical market threshold.

ETH Price Retreats After Over 6% Rebound

ETH earlier saw a bounce but lost gains quickly. The price currently trades around $2,320. The 24-hour low and high are $2,158 and $2,393, respectively.

Trading volume declined by about 15% in the last 24 hours, showing that dip buying has not yet gained broad momentum. The 200-week moving average at $2,451 remains a key level for confirming any upward trend.

Institutional Buying and ETH/BTC Weakness

Not all market activity is bearish. DBS Bank accumulated 24,898 ETH in a week, buying as Ethereum dropped below $2,200. This shows institutional interest persists despite the market downturn.

ETH/BTC pair remains weak. Analyst Daan Crypto Trades noted that failing to hold 0.032 increased bearish sentiment, with 0.026–0.03 becoming the critical range.

Derivative markets reflect similar pressure. CoinGlass reports ETH futures open interest fell nearly 1% to $28.16 billion in the last 4 hours. XRP futures on CME and Binance also saw small declines, indicating widespread risk-off behavior.

Market Outlook

Ethereum is being tested not only by technical levels but also by large players’ actions. On-chain movements create psychological barriers, while institutional buying prevents a completely one-sided scenario.

Short-term direction depends on the pace of sales and ETH’s behavior around the 200-week moving average. The market is currently seeking a new balance.

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Share Buyback Strategy

On October 24, 2025, ETHZilla used part of the proceeds from the ETH sale to repurchase approximately 600,000 shares for $12 million. This buyback is part of a larger $250 million program approved in August. The company plans to continue share repurchases using remaining funds until the NAV discount returns to normal, selling ETH strategically to fund further buybacks.

CEO McAndrew Rudisill stated:

“We are leveraging the strength of our balance sheet, including reducing ETH holdings, to execute share buybacks. These buybacks are expected to immediately add value using the cash from our ETH sale while shares trade at significant discounts to NAV.

We plan to opportunistically repurchase shares while they trade below NAV, reducing the number of shares available for lending/borrowing and increasing our NAV per share.”

ETH Sale and Market Reaction

ETHZilla’s $40 million ETH sale occurred when ETH was around $3,900. Following the sale, ETH briefly rose but later settled at $4,150. The strategic sale sends a clear signal to the market against selling shares at a NAV discount.

About ETHZilla

ETHZilla Corporation (Nasdaq: ETHZ) is a technology company operating in the decentralized finance (DeFi) sector. The company provides secure and accessible blockchain operations through Ethereum protocol applications, connecting financial institutions, businesses, and organizations globally. ETHZilla also generates recurring revenue through DeFi protocols that enhance Ethereum network security and integrity.

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The total value of the sale is estimated at around $43 million. Moreover, this step aligns with the treasury policy announced in June. The policy aims to manage ETH sales in a planned and transparent way. Additionally, the foundation will periodically track deviations in its fiat assets. 

0/ Transparency Notice: Over several weeks this month, EF will convert 10K ETH via centralized exchanges as part of our ongoing work to fund R&D, grants, and donations.

Conversions will take place over multiple smaller orders, rather than as a single large transaction.

— Ethereum Foundation (@ethereumfndn) September 2, 2025

Ethereum Foundation Sales and Previous Transactions 

Since announcing its treasury policy, the foundation has sold approximately $25 million worth of ETH to SharpLink Gaming. In addition, two transactions totaling 2,795 ETH have been completed. Furthermore, a major sale of 100,000 ETH in December 2020 contributed to Ethereum reaching all-time high prices in the following months. These actions support continuous funding for foundation projects.

The planned ETH sales help sustain R&D work and community grants. Moreover, this strategy signals transparent financial management to investors. Finally, the foundation aims to create stability in the ecosystem. Meanwhile, the sale is expected to be completed within a few weeks, minimizing market disruption. 

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Between February 3 and April 7, the group acquired 103,543 ETH. The total cost of these purchases reached $229.7 million, with an average price of $2,219. Notably, in early April, they bought 24,817 ETH for $42.2 million. Transactions were carried out across multiple wallets, showing a deliberate strategy to manage large holdings. 

Whale Sales and Short-Term Profit-Taking 

The largest ETH movements involved deposits to Aave v3. This strategy allowed the whale group to provide liquidity while optimizing its portfolio. Ethereum trades around $4,600. Glassnode reported that short-term holders realized $553 million in gains on Monday alone. Meanwhile, long-term holders remained largely inactive. 

Over the past month, Ethereum gained 43%. However, profit-taking remains 39% below last month’s peak, when prices approached $3,500. Additionally, the Ethereum Foundation sold 2,795 ETH as prices reached yearly highs. The sales totaled $12.7 million, reducing the Foundation’s holdings to 99.9 ETH. 

ETH Price Outlook and Institutional Interest 

Some investors remain bullish. BitMEX founder Arthur Hayes repurchased $10.5 million worth of ETH just a week after selling it. Trader Yashasedu expects ETH to reach $8,600 if Bitcoin hits $150,000. Historically, ETH’s market cap has reached 30–35% of Bitcoin’s. 

Ethereum’s total value locked (TVL) exceeded $90 billion. Institutional interest also increased. On Monday, spot ETH ETFs recorded $1.01 billion in net inflows. BitMine Immersion Technologies announced plans to raise $20 billion for ETH purchases. 

The mysterious group "7 Siblings" with 1.21M $ETH($5.6B) is selling $ETH!

Over the past 15 hours, 7 Siblings has sold 19,461 $ETH($88.2M) at an average price of $4,532.

Earlier this year, they bought 103,543 $ETH($229.7M) at $2,219 between Feb 3–Apr 7.https://t.co/zbJlsNo6NA pic.twitter.com/ddvsXueVsH

— Lookonchain (@lookonchain) August 13, 2025

These movements show that short-term profit-taking and institutional buying rise together. Thus, short-term sales increase market liquidity, while institutional inflows support long-term growth. 

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ICO Whale Sells ETH After 10 Years 

The first whale showed no movement for about two years. However, in the past hours, they made a test transfer of 1 ETH and then moved 500 ETH (approximately $1.29 million) out of the wallet for sale. This ETH OG (original gangster), who holds ETH since 2014, had previously sold a total of 4,786 ETH in two separate transactions in 2023, with the total sale value reaching $7.15 million. 

An #Ethereum OG sold another 501 $ETH($1.29M) an hour ago after being dormant for 2 years and still holds 8,052 $ETH($20.43M).https://t.co/5kekTXIaZC pic.twitter.com/4PLBTbkS7h

— Lookonchain (@lookonchain) June 17, 2025

The second major move is even more striking. An investor who participated in Ethereum’s initial coin offering (ICO) in 2014 awakened after nearly 10 years and transferred all their holdings. This investor sent a total of 2,000 ETH (about $5.13 million) to Binance a few days ago. 

Ethereum’s volatility this week is also notable. ETH rose by 6.65% on Sunday but lost over 5% on Monday. At the time of writing, ETH is trading around $2,580. 

June 16 Update:

10 #Bitcoin ETFs
NetFlow: +2,864 $BTC(+$305.87M)#iShares(Blackrock) inflows 2,272 $BTC($242.6M) and currently holds 671,795 $BTC($71.74B).

9 #Ethereum ETFs
NetFlow: -3,748 $ETH($9.84M) #Fidelity outflows 3,496 $ETH($9.18M) and currently holds 465,263… pic.twitter.com/f5PH5lbyXB

— Lookonchain (@lookonchain) June 16, 2025

Additionally, significant outflows were recorded from spot Ethereum ETFs. On June 16, there was a net outflow of $10 million. Fidelity Ethereum Fund experienced the largest withdrawal, removing 3,496 ETH. Invesco Galaxy withdrew 172 ETH, Grayscale Ethereum Trust 78 ETH, and Grayscale Ethereum Mini Trust only 2 ETH. 

There are currently 6,392 wallets holding between 1K and 100K Ethereum. Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit.

During these past 30 days, a net of +1.49M more $ETH has been accumulated by… pic.twitter.com/1hPBTuAOrL

— Santiment (@santimentfeed) June 13, 2025

Although daily outflow data was negative, the weekly net flow was quite positive. Over the past week, a total of 191,057 ETH entered ETFs. This shows long-term investors’ confidence in ETH. At the time of writing, ETH is trading at $2,566. According to analysis platform Santiment, large investors holding between 1,000 and 100,000 ETH wallets accumulated a net 1.49 million ETH in the last 30 days. These purchases increased their holdings by 3.72%. Santiment data shows these investors currently hold 26.98% of Ethereum’s total supply, which has significant potential to influence Ethereum’s price movements. 

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A whale that held 10,000 Ether for nearly 900 days has sold all of its holdings, potentially missing out on a maximum profit of $27.6 million. This amount was during the period when ETH exceeded $4,000.

On April 8, the blockchain analysis platform Lookonchain announced on X platform that this whale purchased a total of 10,000 ETH for about $13 million in October and November 2022, with an average purchase price of around $1,295.

Lookonchain stated, “Despite ETH surpassing $4,000, the whale did not sell. However, by selling today, it made a profit of $2.75 million, whereas at its peak, this profit could have reached $27.6 million.”

At the time of the sale, the price of ETH was around $1,578. According to CoinGecko data, ETH had reached a high of $4,015 on December 9 during the period when the whale held its ETH.

Currently, the price of ETH is around $1,426, and it has depreciated by 24% in the last seven days. The sharp decline is believed to be significantly impacted by the global trade tariffs announced during the Trump administration.

Did World Liberty Financial Sell ETH?

In another post on April 9, Lookonchain shared on X that a wallet potentially associated with World Liberty Financial, a project backed by Donald Trump, might have also sold Ether.

According to claims, this wallet sold 5,471 ETH, worth approximately $8.01 million, at a price of $1,465. Before this sale, the wallet contained a total of 67,498 Ether, which had been purchased at an average price of $3,259.

Other Whales Taking Action in the Market

During the sharp downturn in the crypto market, some investors made purchases while several large whales also executed noteworthy transactions.

On April 7, an unidentified investor had to add 10,000 ETH (worth around $14.5 million) to their position in order to prevent the 220,000 ETH (around $300 million) position from being liquidated.

However, not all investors were so fortunate. On April 6, a 67,570 ETH (approximately $106 million) position on the decentralized finance platform Sky was liquidated, leading to a significant loss for the investor.

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