#EthereumFoundationSellsETHtoBitmineAgain Ethereum Foundation Unloads Another 10,000 ETH to BitMine
The **Ethereum Foundation (EF)** has executed its second consecutive weekly sale of **10,000 ETH** to institutional giant **BitMine Immersion Technologies**. Finalized on Friday, May 1, 2026, the Over-the-Counter (OTC) transaction was valued at approximately **$22.9 million**.
### Key Details of the Transaction:
* **Amount Sold:** 10,000 ETH
* **Average Price:** $2,292.15 per ETH
* **Counterparty:** BitMine (@BitMNR)
* **Total Proceeds:** ~$22.92 Million
* **Purpose:** Funding core operations, protocol R&D, and ecosystem grants.
### ETH Price Action & Chart Analysis
Despite the "foundation sell-off" narrative that often sparks short-term FUD, Ethereum has shown resilience. By utilizing **OTC deals**, the EF avoids direct selling pressure on public exchanges, which has helped ETH maintain its footing above the $2,300 level.
| Metric | Value (May 3, 2026) |
|---|---|
| **Current Price** | ~$2,317 |
| **24h Change** | +0.29% |
| **Support Level** | $2,250 |
| **Resistance Level** | $2,380 |
**The Chart Outlook:**
* **Consolidation:** ETH is currently trading in a tight range between $2,280 and $2,350.
* **Institutional Absorption:** BitMine now holds over **5 million ETH** (roughly 4.2% of the total supply). Their aggressive accumulation—reminiscent of MicroStrategy's Bitcoin strategy—suggests a strong long-term institutional "floor" for the price.
* **Bull Flag Potential:** Analysts are watching the ETH/BTC ratio, which is hovering around **3%**. A breakout here could signal the start of a broader altcoin rally.
> **Quick Take:** While the Ethereum Foundation continues its routine treasury management, the market seems to be absorbing these sales with ease. All eyes remain on BitMine as they march toward their goal of owning 5% of the total ETH supply.
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