Altcoins News
By Maheen Hernandez
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Why BitMine Keeps Buying. BitMine has become the Foundation's go-to counterparty for these sales.
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Market Worries Pile Up. Investors are nervous. Not panicking yet, but nervous.
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What Happens Next. Nobody knows if this pattern will continue. The Foundation could be done selling for now.
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The Ethereum Foundation just moved 10,000 ETH to BitMine. Worth around $47 million. And it's the third over-the-counter deal between them in a single week.
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The pace is what's turning heads. Three big transactions in seven days, all going to the same buyer, all happening away from public exchanges.
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OTC deals let big holders sell without crashing spot markets. The Foundation clearly wants to avoid that kind of chaos.
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BitMine has become the Foundation's go-to counterparty for these sales. The relationship seems solid, at least for now.
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What's clear is that BitMine is absorbing a lot of ETH in a compressed timeframe. Whether they're holding it, redistributing it, or using it for liquidity elsewhere remains…
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Some in the community think the Foundation is just diversifying its treasury. Others see it as a red flag.
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The Foundation has funded grants, research, and protocol upgrades for years. Those things cost money. And holding everything in ETH means you're exposed to price swings.
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But the timing is rough. ETH has been volatile lately, and big holders selling into that kind of market can spook retail investors.
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Investors are nervous. Not panicking yet, but nervous. The worry is that the Foundation knows something the market doesn't. Maybe they're expecting a downturn.
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Price stability is already a touchy subject. ETH has been stuck in a range for weeks, and big holders selling doesn't help.
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Critiques are piling up on social media. A few prominent voices are calling for the Foundation to disclose its treasury strategy.
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Related: BitMine Doubles Down on ETH While Crypto Miners Jump to AI Infrastructure
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