Ethereum Foundation Sells $47M ETH in OTC Deals
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The Ethereum Foundation has executed its third over-the-counter (OTC) sale to BitMine in a week, offloading another 10,000 ETH. This brings the total sold to approximately $47 million, raising concerns about the foundation's pace of liquidations. Critics argue that such large-scale sales could suppress ETH price momentum, especially amid ongoing market uncertainty. However, OTC deals minimize direct market impact compared to exchange sales. The foundation likely uses these proceeds to fund ecosystem development and operational costs. While the selling pressure is notable, the use of OTC channels suggests a deliberate strategy to avoid exacerbating volatility. Market participants should monitor whether additional sales are planned, as continued liquidation could weigh on sentiment. Overall, the move reflects the foundation's need for liquidity but introduces short-term bearish dynamics for ETH.
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