Ethereum Foundation sold 2,785 ETH for $6.42M, drawing criticism over token offloads amid bearish market sentiment.
Macro & Markets ·
The Ethereum Foundation offloaded 2,785 ETH for approximately $6.42 million, marking a resumption of token sales that has weighed on investor sentiment. The sale followed a similar deposit of $11.13 million worth of ETH to an exchange two weeks prior, which preceded a 9% price decline. Concurrent with this institutional move, a long-dormant Ethereum investor sold 1,500 ETH after nine years of inactivity, and Maelstrom CIO Arthur Hayes dumped approximately $22.28 million in altcoins including 6,400 ETH, citing a bearish macroeconomic outlook and stating he wanted to "sit on the sidelines."
The selling activity has drawn criticism over its potential to depress price through increased supply pressure and eroded confidence. One analyst described the pattern as "incredibly frustrating," questioning why the ecosystem continually offloads assets rather than implementing buyback mechanisms or stronger incentives for layer-two networks to accumulate ETH. The pressure appears to have registered with the market: Ethereum's Fear and Greed Index reached 31, reflecting heightened anxiety.
Not all market participants are selling. BitMine has continued accumulating, purchasing an additional 10,452 ETH and bringing its holdings to approximately 4.95% of Ethereum's circulating supply. The divergence between aggressive sellers and steady accumulators underscores competing views on near-term price direction and long-term network value.