The Ethereum Foundation has executed its third over-the-counter (OTC) sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH at an average price of $2,292 per coin. This transaction, valued at approximately $22.9 million, is part of a broader trend of liquidity generation by the Foundation to support its ongoing mandates. In total, the Foundation has sold roughly $47 million worth of ETH to BitMine within a single week. This latest move follows a previous 10,000 ETH sale at $2,387 per coin and an earlier March transaction of 5,000 ETH. The Foundation stated that these proceeds are intended to finance core operations, including protocol research and development, ecosystem growth, and community grant funding. Beyond the sales, the Foundation recently unstaked 17,035 ETH, worth roughly $40 million, appearing to deviate from its previously stated goal of maintaining 70,000 staked ETH. These actions have drawn scrutiny from the community regarding the Foundation's spending habits and the necessity of such large-scale liquidations during a period of market volatility. While the sales were conducted OTC to minimize direct market impact, the broader sentiment remains cautious. ETH is currently trading around $2,303, remaining significantly below its all-time high of $4,953. Meanwhile, BitMine, chaired by Tom Lee, continues to aggressively expand its treasury, now holding nearly 5 million ETH with approximately 83% of its holdings staked.
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