In recent years, the ETH selling behavior of the Ethereum Foundation has received considerable attention. By sorting through its publicly available token sale records, we can better understand its fund management strategies and their potential impact on the market.

Since the end of 2017, the foundation has sold ETH multiple times during favorable market conditions. Notably, from July to October 2025, the foundation sold a total of 21,000 ETH, with a total value of approximately 72.94 million USD. These transactions were executed through various methods, including over-the-counter trading (OTC), exchange transfers, and the use of decentralized trading platforms such as CoWSwap.

The foundation's token sale activities often trigger market fluctuations. For example, after the large-scale sell-off in May 2021, the market experienced a significant correction. These actions earned the foundation the title of 'master of market tops' in the cryptocurrency community. However, this title is not entirely accurate, as the foundation also missed out on larger gains after sales at the end of 2020 and the beginning of 2021.

Although the foundation's ETH holdings account for only about 0.25% of the total supply, their selling actions have a relatively limited direct impact on the market. However, these transactions often affect investor sentiment and may be interpreted as a bearish signal, leading to a broader market reaction.

It is worth mentioning that the foundation's sale of ETH does not always mean an immediate sell-off. For example, when 35,000 ETH was transferred to the exchange in August 2024, the foundation's executive director emphasized that this was merely part of fund management and not equivalent to an immediate cash-out.

Overall, the ETH selling strategy of the Ethereum Foundation reflects its cautious financial management approach. Although these actions may cause market fluctuations in the short term, they contribute to ensuring the financial stability of the foundation in the long run, thereby supporting the continued development and innovation of the Ethereum ecosystem. Investors need to take into account the overall market environment and the foundation's long-term development strategy when interpreting these trends.