The Ethereum Foundation's selling behavior plays a certain role in market fluctuations, but its core goal is to support ecological development, rather than manipulate the market.

As institutional capital pours in and the Ethereum ecosystem matures, the negative impact of selling will gradually be absorbed by the market, and the long-term value of ETH still depends on technological advancements and ecological prosperity.

Cathie Wood's ARK Ark Fund has become the largest shareholder of ETH micro-strategy BMNR, holding 5.47%.

The second is Founders Fund, holding 2.94%. They are shareholders of SpaceX, Polymarket, and OpenAI.

The third is Mozayyx, holding 1.92%, a registered investment advisory firm that also participated in the micro-strategy of neighboring Litecoin.

The fourth is Tidal, holding 1.22%, an ETF service provider.

Fifth is Tom Lee personally, holding 0.26%, also a key player in this wave of ETH rise, and the chairman of the board of BMNR.

With new crops supporting it, the impact of the Ethereum Foundation's selling will become less significant over time.