Ethereum Foundation dumped another 10,000 ETH via OTC to Bitmine! Over $68 million cashed out in the past month and a half.

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The Ethereum Foundation (EF) has cashed out again! According to on-chain data and official announcements, the Ethereum Foundation recently sold 10,000 ETH via an over-the-counter (OTC) transaction to the institution Bitmine at an average price of $2,292, totaling nearly $23 million. Statistics show that the foundation has sold a cumulative 30,000 ETH (approximately $68.1 million) over the past month and a half, with these frequent sell-offs once again rattling market nerves. (Previous coverage: Ethereum Foundation unstakes $48.9 million in ETH, sold 10,000 ETH via OTC the day before yesterday) (Background: Ethereum Foundation sells 10,000 ETH via OTC to Bitmine for $23.87 million in operating funds) As the Ethereum market recently saw a slight rebound, the Ethereum Foundation's wallet address has once again shown large-scale selling activity. According to a tracking report by well-known on-chain data analyst EmberCN (@EmberCN), the Ethereum Foundation recently transferred out another 10,000 ETH. Subsequently, an official announcement from the Ethereum Foundation confirmed the transaction, stating that they sold the 10,000 ETH to counterparty Bitmine (@BitMNR) via OTC at an average price of $2,292.15, cashing out approximately $22.92 million in a single transaction. The Ethereum Foundation sold another 10,000 ETH today: sold 10,000 ETH ($22.92 million) via OTC at a price of $2,292 to the Ethereum treasury company Bitmine. The Ethereum Foundation has sold a cumulative 30,000 ETH ($68.1 million) in the last month and a half: ◎ March 15: Sold 5,000 ETH to Bitmine via OTC at a price of $2,043. ◎ April 11: Sold 5,000 ETH via on-chain Swap at a price of $2,221. … https://t.co/UVvbtCxzfg pic.twitter.com/kSO8njx49b — EmberCN (@EmberCN) May 1, 2026 30,000 ETH sold in a month and a half, Bitmine becomes the largest buyer This is not the Ethereum Foundation's first cash-out recently. According to EmberCN's statistics, in just the past month and a half, the Ethereum Foundation has conducted four intensive sell-offs, totaling 30,000 ETH with a total value of approximately $68.1 million. Looking back at the timeline of these sell-offs over the past month and a half, it is evident that the institution Bitmine is its primary OTC counterparty: - March 15: Sold 5,000 ETH to Bitmine via OTC at a price of $2,043. - April 11: Sold 5,000 ETH via on-chain Swap at a price of $2,221. - April 24: Sold 10,000 ETH to Bitmine via OTC at a price of $2,387. - May 2: Sold 10,000 ETH to Bitmine via OTC at a price of $2,292. The Ethereum Foundation typically sells its ETH holdings periodically to cover ecosystem operating expenses and developer grant programs. However, because their past sell-offs have often coincided precisely with relative market highs, they have been jokingly dubbed the "top-selling masters" by the crypto community. This intensive and large-scale selling behavior by the foundation has sparked concerns among investors regarding short-term downward pressure on the price of ETH.

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