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The Ethereum Foundation is making headlines once again for selling ETH, but this time the spotlight is also on the buyer. The foundation has dumped approximately 5,000 ETH amid broader market volatility and fluctuating prices. The foundation has provided reasons for its large-scale ETH sale, citing ongoing support of operations and activities. 

Ethereum Foundation Sells ETH To Crypto Company

The Ethereum Foundation has completed a new ETH sale to support its ongoing development efforts. In an X post on March 14, the organization announced that it was offloading 5,000 ETH, worth approximately $10 million, at an average price of $2,042.96 through an over-the-counter (OTC) transaction. The buyer in this deal is Bitmine, a publicly traded Bitcoin mining company that operates under the ticker BMNR.

According to the Ethereum Foundation, the ETH transaction was confirmed on-chain through the organization’s Safe multisig wallet at address: 0x9fC3dc011b461664c835F2527fffb1169b3C213e. The sale represents part of the foundation’s broader treasury management strategy, which is guided by detailed policies published in 2025. 

The Ethereum Foundation has also stated that the funds raised from the sale will be used for its core operations and activities. These include protocol research and development, ecosystem management, and community grant funding. Bitmine’s involvement as an OTC counterparty highlights a growing network of institutional buyers interested in participating in the Ethereum ecosystem. The company has continued to buy ETH even during volatile market conditions.  

Notably, the move also follows a series of previous ETH sales by the organization, demonstrating a structured approach toward funding its operational and developmental priorities. In July 2025, the foundation sold 10,000 ETH to SharpLink Gaming through a similar OTC arrangement. Before that, the Ethereum Foundation had carried out dozens of small ETH sales throughout the year, quietly offloading thousands of coins across multiple transactions to cover operational costs. 

Foundation’s Policy Guides For ETH Sales

The Ethereum Foundation’s treasury policy, published in July 2025, is designed to support the long-term sustainability of the blockchain’s ecosystem. The policy emphasizes that all capital deployments must balance the earning returns above a set benchmark rate while also supporting the Ethereum network and adhering to core principles. 

Regarding ETH sales specifically, the policy explains that the foundation will regularly measure the extent to which its fiat-denominated assets differ from its Opex Buffer target. Based on that calculation, they will decide how much ETH, if any, to sell over the next three months. These sales can happen either through fiat off-ramps or on-chain swaps into fiat-denominated assets.  

While the organization has explained the reasons for its ETH sales, the broader market could still feel its impact. Ethereum is trading above $2,200 after rising by more than 12% over the past 24 hours. While its price appears to be rebounding from its previous downtrend, large-scale ETH sales, especially from prominent entities, could influence market sentiment and price stability. 

Featured image from Pixabay, chart from Tradingview.com

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Bitcoin’s price struggled to regain momentum last week, hovering just above the $100,000 threshold after a turbulent start to November. The entire market sentiment is somewhat fragile following heavy selling pressure from large holders, and on-chain data points to major whale movements that may be adding to the downtrend.

High-profile entities, including the Winklevoss Twins’ Gemini Custody wallets and early Bitcoin miner Owen Gunden, have surfaced as key players in this wave of transactions that could be influencing Bitcoin’s recent price action.

Winklevoss Twins Move Millions In BTC From Gemini Custody

According to blockchain data, wallets linked to Winklevoss Capital and Gemini Custody have been consistently transferring large amounts of Bitcoin over the past several months in an ongoing deliberate adjustment of their holdings. 

These movements have occurred in several phases, often involving sizeable transactions that appear timed. The latest transaction stands out, showing 250 BTC, worth approximately $25.45 million at current prices, moved to a Gemini hot wallet just hours ago. 

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If these transfers correspond to sales, it would mean that the twins have been methodically unloading their Bitcoin positions over time rather than engaging in sudden bulk liquidations. Cumulatively, they have now effectively liquidated over 9,000 BTC, equivalent to around $900 million, since the start of 2025. This has caused their holdings to fall from roughly 24,000 BTC earlier in the year to under 16,000 BTC right now.

Bitcoin OG Owen Gunden Moves Final Holdings Toward Exchanges

Another major wallet attracting attention belongs to Owen Gunden, an early Bitcoin miner and Genesis creditor. Data from on-chain analytics platform Lookonchain reveals that Gunden recently initiated large transfers totaling 3,549 BTC (around $361.8 million) in a single transaction just eight hours ago.

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The move follows earlier transactions this week, including 3,601 BTC ($372.1 million) sent one day prior. Notably, approximately 600 BTC from these transfers, worth over $61 million, have already been deposited on Kraken, signaling possible liquidation. 

These movements have reduced Gunden’s total holdings from around 11,000 BTC to nearly zero. Such large transfers to exchange-linked wallets often precede sell orders, contributing to short-term selling pressure.

The Gunden transfers, alongside similar large movements like those from the Winklevoss twins, are among several whale sell events recorded in November that have added to Bitcoin’s persistent selling pressure. This trend is apparent in the broader institutional market, where US-based Spot Bitcoin ETFs have also seen sustained outflows. Data shows that Friday of last week closed with $558.44 million leaving these funds.

The combined effect of these whale movements presents a concerning outlook for Bitcoin’s short-term trend. However, this weekend has been highlighted by another green weekend for Bitcoin. 

At the time of writing, Bitcoin is trading at $106,270, up by 4.4% in the past 24 hours. This follows a string of green weekends over the past four weeks, which were immediately reversed on the following monday.

Featured image from Dall.E, chart from TradingView.com