Ethereum Foundation sells another 10k ETH OTC to Bitmine
The Ethereum Foundation (EF) continued its ETH sell-off streak by selling another 10,000 ETH OTC to Bitmine Immersion Technologies on Friday. The OTC execution cleared at an average $2,292.15 per ETH, about $23 million.
This follows the prior week’s similar transaction, when Bitmine also bought 10,000 ETH from EF (around $24 million at the time). EF said the proceeds will fund its long-term roadmap, including core operations, protocol research, ecosystem development, and community grants.
Bitmine’s latest buy raises its accumulated position to 5,088,386 ETH, roughly 4.2% of total ETH supply, moving it closer to a 5% ownership target. Traders also highlighted earlier EF sales (including 5,000 ETH OTC/on-chain at different dates), reinforcing that large liquidity releases have been recurring.
Market reaction matters: ETH rose more than 2% to about $2,309.80 after Bitmine’s buys, suggesting near-term accumulation demand may be absorbing the ETH sell-off.
For traders, the key focus remains EF treasury policy and the mechanics of liquidity routes (OTC vs exchange), since repeated ETH sell-offs can amplify “sell-the-top” narratives even when short-term bounces occur.
Neutral
EF’s repeated ETH sell-off increases the risk of short-term overhead supply and “sell-the-top” sentiment, even if these transactions are executed OTC. Traders may stay cautious around rallies because large, well-timed liquidity releases can become a persistent narrative.
However, Bitmine’s continued accumulation (including this 10k ETH buy) acts as a counterweight. The fact that ETH rose over 2% after the purchase suggests near-term demand absorbed the selling pressure, making the immediate price impact less bearish than the headlines imply.
Longer term, the net effect depends on whether institutional buyers consistently match EF’s treasury outflows and whether EF’s pace changes. Based on the combined headlines, the most likely outcome for ETH is a more balanced, range-bound effect rather than a clear directional move.