Ethereum Foundation sells another 10,000 ETH to BitMine in third OTC deal
The Ethereum Foundation has now sold roughly $47 million worth of ETH to BitMine in a week, drawing fresh criticism over the pace and scale of its sales.
The Ethereum Foundation has completed its third over-the-counter (OTC) transaction with BitMine this week, selling an additional 10,000 ETH. This latest deal brings the Foundation's total ETH sales to BitMine to approximately $47 million worth of tokens within a seven-day period, according to on-chain data and market analysis.
The series of large-scale transactions has reignited debate within the cryptocurrency community regarding the Ethereum Foundation's selling strategy. Critics have raised concerns about both the rapid pace and substantial volume of these sales, questioning whether such concentrated selling activity could impact market sentiment. The Foundation has historically sold ETH to fund development activities and operational expenses for the Ethereum ecosystem.
These significant OTC transactions come at a time when institutional interest in Ethereum remains high, with spot Ethereum ETFs recently launching in the United States. The Foundation's selling pattern has drawn scrutiny from market observers who monitor whale activity for potential price impacts. OTC deals typically allow for large transactions without immediately affecting spot market prices, as they occur outside traditional exchanges.
Market participants will likely continue monitoring the Ethereum Foundation's wallet addresses for additional selling activity. The Foundation's treasury management decisions often serve as indicators of funding needs for ongoing Ethereum development projects and ecosystem initiatives.
Source: Cointelegraph
