On October 26, blockchain data shared by Lookonchain revealed that a wallet tied to the Ethereum Foundation sold 2,785 ETH for approximately $6.42 million, worsening market sentiment and driving ETH's Fear and Greed Index down to 31.
Key Takeaways
- The Ethereum Foundation offloaded 2,785 ETH worth $6.42 million on October 26, following an $11.13 million transfer to Kraken two weeks prior.
- An Ethereum OG investor liquidated 1,500 ETH ($3.46 million) after nine years of inactivity, having originally bought 100,000 ETH for $31,000 in the 2015 ICO.
- Maelstrom CIO Arthur Hayes recently dumped $22.28 million in altcoins, including 6,400 ETH worth $15.2 million.
- Corporate holder BitMine bought an additional 10,452 ETH, raising its treasury to 6,051,933 coins (4.95% of circulating supply).
Whales and Insiders Accelerate ETH Liquidations
The latest sale by the non-profit Ethereum Foundation follows another transfer two weeks ago, when two foundation-connected wallets moved $11.13 million worth of ETH to Kraken, a step that was followed by a 9% market decline. Shortly after the foundation's latest 2,785 ETH sale, an early Ethereum investor from the 2015 ICO sold 1,500 ETH for roughly $3.46 million. The investor had initially purchased 100,000 ETH for $31,000 and still retains 48,500 ETH valued at about $112.7 million.
These transactions follow broader selling across the market. Arthur Hayes dumped $22.28M in crypto holdings, taking profits on 6,400 ETH (approx. $15.2 million) alongside tokens such as $ENA and $UNI. Hayes stated on October 24: "I dumped it all. The Maelstrom directional book, took profits on $ETH, $ENA, $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land." Social media analyst Ted called the persistent foundation sales "incredibly frustrating," urging leadership to "Start thinking seriously about buybacks. Create stronger incentives for L2s to accumulate and buy back ETH. Improve ETH value capture." This wave of insider selling arrives as Ethereum faces worst October performance in years.
BitMine Accumulates as Network Staking Yields Fall
In contrast to recent selling pressure, institutional entity BitMine purchased 10,452 ETH, taking its aggregate holdings to 6,051,933 coins—accounting for 4.95% of Ethereum's total supply as it approaches its 5% target. BitMine also repurchased 2.04 million shares of its own stock at an average price of $22.48, raising total stock buybacks to 22.9 million shares worth nearly $400 million. BitMine has staked 5.23 ETH, representing about 12% of all coins locked in the network.
Across the wider ecosystem, Ethereum closed the third quarter with 43.8 million ETH staked, supported by nearly 2 million ETH in net staking inflows during Q3. However, annualized network staking yields declined from 2.81% down to 2.63% over the period.
Why It Matters
Routine token sales by the Ethereum Foundation highlight an ongoing structural challenge: funding foundational protocol development without putting downward pressure on spot market prices during weak macro conditions. While corporate entities like BitMine continue to absorb massive supply toward their treasury targets, persistent sales by foundation wallets and early ICO whales weigh heavily on sentiment, pushing fear metrics to multi-month lows. Market participants will watch whether corporate treasury accumulation can outpace secondary market selling if broader geopolitical uncertainty persists.
