Ethereum Foundation defends ETH treasury amid OTC sales and unstaking criticism

Ethereum Foundation defender William Mougayar says critics are using the wrong standard, arguing the Ethereum Foundation is a non-profit protocol steward—not a marketing engine for ETH. He frames the strategy as a “subtraction path”: harden the protocol, ship upgrades, and fund research so the ecosystem needs the Foundation less over time. Traders’ concern centers on recent Ethereum Foundation ETH treasury activity that could imply near-term sell pressure. The latest reporting points to three OTC ETH sales to BitMine totaling 25,000 ETH, plus earlier transactions: 10,000 ETH sold May 1 at an average ~$2,292/ETH, another 10,000 ETH a week earlier, and 5,000 ETH in March at an average ~$2,042.96/ETH (roughly ~$47M across recent weeks in earlier coverage). On the staking side, multiple unstaking events were cited alongside the treasury moves, including 17,035.326 ETH unstaked on April 26 and a May 12 withdrawal of 21,270 ETH from Lido into the withdrawal queue (additional reporting also mentions large Lido-related outflows). Mougayar did not clearly link these actions to market sales, but the lack of transparency on timing keeps some ETH holders cautious. For ETH traders, the key question is whether clearer Ethereum Foundation ETH treasury and unstaking disclosures reduce uncertainty-driven liquidity risk, or whether the headline flow reinforces bearish sentiment around supply overhang.