$2,044. Down 19% in thirty days, with a low of $2,016. The problem with $ETH isn’t that nobody loves it; it’s that the people who do are trading it among themselves.
Sellers: A wallet linked to the Ethereum Foundation sold another 1,000 ETH, worth about $2.03 million. It made its last sale just fourteen days ago and still holds around 24,000 ETH, worth $51.46 million. The Foundation’s selling pace is measured: 1,000 ETH at a time, once every two weeks. The market reads this as a signal, but it’s more like budgeting. An early pre-mine address is also active: an address dormant for 11.3 years transferred 2,155 ETH. Spot ETH ETFs are also bleeding, with net outflows of $184.5 million in the latest round.
Buyers: Tom Lee’s BitMine bought another 9,587 ETH, bringing its holdings to 6.07 million, worth around $12.9 billion, or 4.97% of supply. 86% of it is staked, leaving the company just one step away from its 5% target. A publicly traded company is becoming Ethereum’s largest “central bank,” betting on a supercycle of tokenization and AI.
There’s another structural issue in between: ETH burned can’t keep up with new issuance, so ETH is no longer a deflationary asset. Vitalik came out in its defense, saying that its store-of-value thesis and EIP-1559 still hold.
This is really a rite of passage. The era of telling stories about “ultrasound money” is over. What matters now is who’s willing to lock real money into staking contracts, and for how long. 4.97% of the supply has already answered half the question.
Sellers: A wallet linked to the Ethereum Foundation sold another 1,000 ETH, worth about $2.03 million. It made its last sale just fourteen days ago and still holds around 24,000 ETH, worth $51.46 million. The Foundation’s selling pace is measured: 1,000 ETH at a time, once every two weeks. The market reads this as a signal, but it’s more like budgeting. An early pre-mine address is also active: an address dormant for 11.3 years transferred 2,155 ETH. Spot ETH ETFs are also bleeding, with net outflows of $184.5 million in the latest round.
Buyers: Tom Lee’s BitMine bought another 9,587 ETH, bringing its holdings to 6.07 million, worth around $12.9 billion, or 4.97% of supply. 86% of it is staked, leaving the company just one step away from its 5% target. A publicly traded company is becoming Ethereum’s largest “central bank,” betting on a supercycle of tokenization and AI.
There’s another structural issue in between: ETH burned can’t keep up with new issuance, so ETH is no longer a deflationary asset. Vitalik came out in its defense, saying that its store-of-value thesis and EIP-1559 still hold.
This is really a rite of passage. The era of telling stories about “ultrasound money” is over. What matters now is who’s willing to lock real money into staking contracts, and for how long. 4.97% of the supply has already answered half the question.