The leading altcoin has been under pressure lately, and reports that the Ethereum Foundation has started dumping tokens again could further weaken its position.
In fact, those revelations appear to have weighed on investor sentiment, pushing ETH’s Fear and Greed Index deeper into fear territory.
So Much Selling
Earlier today (October 26), Lookonchain disclosed that a wallet linked to the Ethereum Foundation (a non-profit organization that supports the development and growth of the Ethereum ecosystem) offloaded 2,785 units for around $6.42 million.
The entity also noted that the last suspected sale of that type was two weeks ago and was followed by a 9% price decline. At the time, two wallets tied to the Ethereum Foundation deposited $11.13 million worth of ETH into Kraken, a move often seen as a pre-sale step.
Shortly after, Lookonchain said another Ethereum OG dumped 1,500 units (equaling approximately $3.46 million) after nine years of inactivity. The investor initially bought 100,000 ETH for only $31,000 through the 2015 ICO and still holds 48,500 ETH (about $112.7 million).
X user Ted said that seeing these sales again is “incredibly frustrating.” While the analyst reaffirmed his support for ETH, he wondered why investors constantly sell the asset instead of doing more to increase its value.
“Start thinking seriously about buybacks. Create stronger incentives for L2s to accumulate and buy back ETH. Improve ETH value capture. The ecosystem is incredible. Now we need the economics of the token to reflect that,” he added.
Maelstrom CIO Arthur Hayes further amplified the recent sell-off. As CryptoPotato reported, he dumped about $22.28 million worth of altcoins, including 6,400 ETH (roughly $15.2 million). Speaking on the matter, he said:
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. Going to sit on the sidelines and wait for the all clear signal … Brrrrr
— Arthur Hayes (@CryptoHayes) October 24, 2026
The selling spree is considered bearish for two main reasons. First, it increases the supply of coins on the open market, which could drag the price lower if demand fails to keep pace. Second, it could undermine investor confidence and prompt smaller players to cash out. In fact, ETH’s Fear and Greed Index has plunged to 31 today, reflecting growing anxiety and caution among the community.
BitMine Keeps Buying
In contrast to the recent sellers, BitMine continues to increase its ETH holdings. The company bought an additional 10,452 units, bringing its total holdings to 6,051,933 coins, or about 4.95% of Ethereum’s supply, and nearing its ambitious goal of controlling 5% of all assets in circulation.
In addition, BitMine repurchased 2.04 million shares at an average price of $22.48, bringing its buybacks to 22.9 million shares, or almost $400 million. The entity has staked 5.23 ETH, about 12% of all coins locked in the network.
As CryptoPotato recently reported, Ethereum finished the third quarter with 43.8 million coins staked after nearly 2 million units flowed into staking during that period. This signals long-term investor confidence, especially considering that the annualized staking yield has continued to decline, falling from 2.81% to 2.63%.
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