Ethereum Foundation Sold 23M$ ETH to Bitmine

The Ethereum Foundation sold an additional 10,000 ETH worth approximately $23 million to Tom Lee's Bitmine Immersion Technologies company on Friday. With the sales announcement, the foundation stated that it would use the funds for protocol R&D efforts, ecosystem development, community grants, and core operations. This move follows a similar 10,000 ETH package that occurred exactly one week earlier and was worth $24 million at the time. Bitmine made the purchase in the over-the-counter market, paying an average of 2.292,15 dollars per ETH in the latest transaction. The Ethereum price rose more than 2% to 2.309,80 dollars as of 14:26 Eastern Time on the same day.

ETH Price and Critical Support Resistance Levels

ETH is currently trading at the 2.294,27 dollar level (+1,67% 24s). RSI at 52,23 indicates a sideways trend prevailing; Supertrend is giving a bearish signal. EMA 20: 2.287,02.

• Supports: S1: 2.244,93 (83/100 ⭐ Strong, -2,22%) | S2: 2.191,25 (73/100 ⭐ Strong, -4,56%)
• Resistances: R1: 2.396,65 (72/100 ⭐ Strong, +4,38%) | R2: 2.316,55 (55/100 Medium, +0,90%)

For detailed charts, check ETH detailed analysis.

Bitmine's ETH Staking Move

Over the past week, a total of $47 million worth of ETH was transferred to Bitmine, and the company began staking an additional 162.088 ether starting from Thursday. According to Lookonchain data, this move brought Bitmine's staked ETH to 4.194.029; the amount is approximately 9,5 billion dollars and covers 83% of the company's assets. Bitmine chose the path of increasing yields by rapidly raising its staking ratio; last week this ratio was close to 70% of total holdings. The Ethereum Foundation, on the other hand, has shifted to staking its ETH and investing in DeFi protocols to alleviate selling pressure.

Ethereum Ecosystem Developments

Bitmine's moves demonstrate the efficiency-focused growth of institutional-scale Ethereum staking. While Coinbase International listed MegaETH (MEGA) futures, adding momentum to the ETH ecosystem, the foundation's sales, although drawing criticism, are balancing the ecosystem. Visit the ETH futures page for futures trading.

Frequently Asked Questions About Ethereum Foundation ETH Sales

Why is the Ethereum Foundation selling ETH? It uses the funds for R&D, grants, and operations.

What is Bitmine doing with the ETHs? Staking 83% of them to increase yield, total 9,5 billion dollars.

Will the ETH price be affected by these sales? Short term sideways, strong supports exist.