Ethereum Foundation Just Sold Another $22.9M in ETH — Here Is What the Data Shows

The Ethereum Foundation ETH sale completed this week. 10,000 ETH moved out at an average price of $2,292.15 per coin, handled through an over-the-counter deal with Bitmine. Total value: $22.92 million.

The Foundation confirmed the counterparty was BitMNR. According to the Ethereum Foundation on X, the sale was finalized at that average rate through a direct OTC arrangement, keeping it off open exchanges entirely.

Why the Foundation Says It Sold

The proceeds go toward what the Foundation describes as core operations. In a follow-up post on X, the Ethereum Foundation stated the funds cover protocol research and development, ecosystem development, and community grant funding. The on-chain transaction runs through an EF Safe multisig at address 0x9fC3dc011b461664c835F2527fffb1169b3C213e, which the Foundation made public.

That level of disclosure is not typical for every treasury move. The Foundation chose to publish both the counterparty name and the wallet address before the transaction even settled publicly on-chain.

So the sale itself is not in question. What draws attention is the timing and the scale when you pull back three months.

On-chain analytics account Lookonchain flagged on X that this is not an isolated move. Over the past three months, the Ethereum Foundation and Vitalik Buterin’s wallet combined have sold 49,326 ETH at an average of $2,179 per coin, totaling $107.48 million. The $22.92M this week is part of that running total, not separate from it.

ETF Outflows Add a Second Layer

The week this OTC sale closed, ETH exchange-traded funds recorded $82,500,000 in net outflows. According to TedPillows on X, BlackRock alone pulled $27 million worth of Ethereum from its ETF product during that same period.

That is two separate pools of selling in the same seven days. One from a foundation-level treasury. One from institutional ETF redemptions. BlackRock’s $27M exit did not happen in isolation from the broader $82.5M weekly outflow figure across all ETH ETF products.

For long-term ETH holders and developers building on Ethereum, the back-to-back data points raise questions about demand at current price levels. The Foundation’s OTC approach keeps its sales away from spot order books, but 49,326 ETH hitting the broader market across 90 days still moves through somewhere.

What Bitmine Gets Out of This

Bitmine, identified by its X handle @BitMNR, absorbed the full 10,000 ETH block. OTC deals at this size typically go to buyers who want exposure without moving the market price themselves. Bitmine gets a large ETH position. The Foundation gets liquidity without triggering a visible spot sell-off.

The average price of $2,292.15 for this sale sits above the three-month blended average of $2,179 reported by Lookonchain. That means this particular transaction priced better for the Foundation than the average deal across the full 90-day window.

Three months. 49,326 ETH. $107.48 million out. This week added $22.92M of that and landed alongside the largest weekly ETF outflow figure seen recently for ETH products, with BlackRock accounting for roughly a third of that number on its own.