On August 13th, in the early hours of the Asian time zone, Ethereum (ETH) once again broke through $4600, reaching a three-year high, while Bitcoin aimed for the $120,000 mark. A crypto frenzy driven by institutional capital is sweeping the global market. Ethereum, which surged 228% in just four months, combined with a macroeconomic tailwind as the Nasdaq and Dow Jones rose over 1% during trading, has completely ignited this "frenzied bull market." However, just as market sentiment was boiling over, a bombshell news hit like thunder from a clear sky: an address associated with the Ethereum Foundation sold 1694.8 ETH on-chain in the past two hours, worth approximately $7.72 million! What does this unusual activity from the "home" of Vitalik Buterin signify? Is it a profit-taking move, or does it hint at a hidden upheaval beneath the market frenzy?
- Ethereum Foundation's Sudden Sell-off: $7.72 Million ETH Flows to the Market
On-chain activity: On August 13th, according to Ai Aunt's monitoring, an address associated with the Ethereum Foundation sold 1694.8 ETH on-chain in the past two hours, worth approximately $7.72 million.
Huge profits: This address still holds 1500 ETH, having received 20,756 ETH transferred from the Ethereum Foundation eight years ago, traceable back to ten years ago when the ETH price was $0.875. This means the cost of the sold ETH is extremely low, resulting in substantial profits.
Market speculation: As the core of the Ethereum ecosystem, the Ethereum Foundation's financial movements have always attracted attention. The sell-off near the historical peak of ETH price has sparked widespread speculation about its motives. Is it due to operational funding needs? Or is it a warning about the current market overheating?
- Institutional Frenzy Sweeps Ethereum: BitMine, SharpLink, and Peter Thiel's Massive Accumulation of ETH
While the Ethereum Foundation was selling, institutional capital was swallowing ETH on an unprecedented scale, pushing institutional FOMO sentiment to a boiling point.
BitMine's "Epic" Financing and Accumulation Plan: Blockchain technology giant BitMine Immersion Technologies (BMNR) submitted documents to the U.S. Securities and Exchange Commission (SEC) on August 13th, announcing plans to raise an additional $20 billion to increase its holdings of Ethereum (ETH). This move raises its total available ETH purchasing funds to $24.5 billion (including the previously disclosed $4.56 billion). If the plan is completed, BitMine's total ETH holdings will account for nearly 5% of the global circulation. Stimulated by this news, BitMine's stock price surged 5.6% in a single day, with a cumulative increase of over 600% this year. The market compares BitMine's chairman Tom Lee to "the Ethereum version of Michael Saylor," as he replicates MicroStrategy's balance sheet strategy, reshaping traditional capital's perception of ETH's value.
SharpLink Sparks Another Buying Wave: On August 13th, SharpLink sparked another buying wave, increasing its holdings by 5,226 ETH (approximately $23.1 million), bringing its total holdings to 604,000 ETH, valued at $2.69 billion, firmly securing the second position in institutional holdings.
Peter Thiel Enters the Game: On August 13th, new billionaire force Peter Thiel acquired a 7.5% stake in the Ethereum treasury company ETHZilla (ATNF), driving its stock price to surge 146% in a single day, with a trading volume of $689 million.
- A New Era of "Institutional Dominance, Ethereum Leading"
As ETH is just a step away from its historical peak of $4868, the crypto market officially enters a new era of "institutional dominance, Ethereum leading."
The Rise of ETH as a Reserve Tool: Publicly traded companies are "ETH-microstrategizing," with 85 U.S. companies incorporating Ethereum into their balance sheets, raising the total holdings' proportion from 0.7% in 2023 to 1.9%. Giants like SharpLink and BitMine hold over $3.5 billion in value.
Market Sentiment: The brutal scene of $474 million in liquidations on-chain within 24 hours (with shorts pocketing $344 million) serves as the most brutal footnote to this capital feast.
Tom Lee's Confidence: BitMEX co-founder Arthur Hayes humorously suggested on social media, "Why not let BitMine's new chairman Tom Lee take over as the head of the Ethereum Foundation? Who agrees?" This reflects the market's recognition of Tom Lee's leadership in the Ethereum space.
Conclusion:
The sudden sell-off by the Ethereum Foundation's associated address has brought a touch of uncertainty to the current frenzied market. However, against the backdrop of BitMine's epic $20 billion financing plan to swallow ETH, along with the frenzied accumulation by giants like SharpLink and Peter Thiel, institutional capital is flooding into Ethereum on an unprecedented scale. This indicates that Ethereum is entering a new era of "institutional dominance, Ethereum leading." The Foundation's sell-off may be part of its operational strategy, but it also reminds investors to remain vigilant in a frenzied market, keep an eye on whale movements, and rationally assess risks.
Related: Santiment: Ethereum (ETH) whales are making large purchases while traders are "undecided."
Original article: “Ethereum Foundation Suspected of Selling $7.72 Million Worth of ETH, What’s Going On?”
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