The Ethereum Foundation sold another 10,000 ETH ($22.92M) to Bitmine via OTC roughly seven hours ago, continuing a steady drawdown that has now totaled 49,326 ETH ($107.48M at an average $2,179) over the past three months. Vitalik Buterin's vitalik.eth wallet has sold in parallel.
Why it matters
The Foundation's $107.5M three-month pace matches its heaviest treasury-reduction stretches of 2024, when similar OTC sales to firms including Bitmine were framed by the Foundation as funding its multi-year operating runway rather than a directional bet on price. Bitmine, a frequent counterparty in those prior sales, is among the institutional ETH treasuries that have stepped in to absorb the supply without immediate spot-market pressure.
Market impact
OTC placement keeps the flow off centralized order books, but the persistence matters: nearly 50K ETH exiting Foundation wallets in a quarter, with Vitalik-aligned addresses selling in the same window, is the kind of supply backdrop that caps upside conviction regardless of headline price action. Watch for Bitmine's treasury disclosures — the size of the bid for future tranches will signal whether institutional absorption is keeping pace with Foundation selling.
Frequently asked questions
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How much ETH has the Ethereum Foundation sold recently?
The Foundation sold 10,000 ETH ($22.92M) to Bitmine via OTC in the most recent tranche, bringing the three-month total to 49,326 ETH ($107.48M at an average price of $2,179).
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Who is buying the Ethereum Foundation's ETH?
Bitmine, a frequent counterparty in prior Foundation OTC sales, took the latest 10,000 ETH tranche. Bitmine is among the institutional ETH treasuries that have absorbed Foundation supply in past drawdowns.
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Has Vitalik Buterin been selling ETH too?
Yes — the vitalik.eth wallet has sold in parallel with the Foundation's OTC sales over the past three months, putting the founder on the same side of the trade as the Foundation he helps steer.
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Why does the Foundation sell ETH via OTC instead of on exchanges?
OTC placement routes the flow directly to a counterparty like Bitmine, keeping large blocks off centralized order books and limiting immediate spot-market impact. The trade-off is that institutional absorption must keep pace tranche by tranche.
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How does this compare to past Ethereum Foundation selling?
The current $107.5M three-month pace matches the Foundation's heaviest treasury-reduction stretches of 2024, when similar OTC sales to firms including Bitmine funded the Foundation's multi-year operating runway.
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