The Ethereum Foundation just offloaded another 10,000 ETH ($23M) to BitMine Immersion Technologies. That's the third OTC sale this year, bringing total liquidations to roughly $47M.
BitMine is building mining and immersion cooling infrastructure — so the Foundation is essentially selling ETH into real-world industrial capacity. Not market dumps on exchanges, but negotiated OTC deals.
Still, the optics are rough. ETH holders watch these sales and wonder: does the Foundation know something they don't? The answer is probably boring — treasury diversification — but at this pace (~$15M/month), the selling pressure adds up.