Ethereum Foundation sell another 10k ETH OTC to Bitmine
Ethereum Foundation (EF) still dey sell ETH as dem sell another 10,000 ETH OTC to Bitmine Immersion Technologies on Friday. Di OTC deal clear for average $2,292.15 per ETH, about $23 million.
This one follow wetin happen last week when Bitmine also buy 10,000 ETH from EF (around $24 million then). EF talk say di money go fund dia long-term roadmap, like core operations, protocol research, ecosystem development, and community grants.
Bitmine latest buy don raise dia total stash to 5,088,386 ETH, roughly 4.2% of all ETH supply, putting dem nearer to dia 5% ownership target. Traders still point out earlier EF sales (including 5,000 ETH OTC/on-chain for different dates), showing say big liquidity releases don dey happen again and again.
Market reaction matter: ETH jump more than 2% to about $2,309.80 after Bitmine buys, meaning short-term accumulation demand fit dey absorb the ETH sell-off.
For traders, main focus remain EF treasury policy and how liquidity routes work (OTC vs exchange), because repeated ETH sell-offs fit make the "sell-the-top" story louder even if short-term bounces show up.
Neutral
EF dey sell ETH again and again, e dey increase risk say short-term oversupply go show and people go get mind to "sell when e reach top", even if dem do the transactions OTC. Traders fit stay careful when rallies dey because big, well-timed liquidity releases fit turn to steady story.
But Bitmine still dey accumulate (including this 10k ETH buy), e act as counterweight. The fact say ETH climb over 2% after the buy show short-term demand absorb the selling pressure, make the immediate price impact less bearish than wetin the headlines dey talk.
For long term, the net effect depend on whether institutional buyers go consistently match EF’s treasury outflows and whether EF change the pace. Based on the combined headlines, the most likely outcome for ETH na more balanced, range-bound effect rather than clear directional move.