Whales are疯狂 buying ETH, while project teams are selling coins to pay salaries? This is truly terrifying upon closer thought.

On one side, institutions are疯狂 buying ETH.

On the other side, the Ethereum Foundation is不断 selling coins to cash out.

These two events happening simultaneously are no coincidence.

【First, let's talk about the institutional side】

This week's fresh on-chain data:

New wallets have withdrawn 8,450 ETH and 108k HYPE from FalconX.

Bitmine bought 20k ETH.

Arthur Hayes's holdings increased to 4,400 ETH.

These are not retail investors buying; these are the “smart money” with brains, computing power, and information.

What are they betting on? ETF narratives? Staking yields? Or simply dollar devaluation?

No matter the reason, they are voting with real money.

【Next, look at the project side】

A former Ethereum Foundation contributor issued a public warning:

The ETH core development team may face a funding crisis within 3 to 9 months.

You read that right. The second-largest cryptocurrency by market cap in the world, its core development team is running out of money.

And the EF is still逐步 selling holdings to maintain operations.

【Terrifying upon closer thought】

Do institutions not know EF is short on funds? They knew earlier than you.

Then why are they still buying?

Because institutions are buying ETH’s financial attributes—ETF channels, staking yields, liquidity premiums.

And the protocol layer’s sustainability issues are temporarily being set aside.

【A soul-searching question】

If EF’s funding crisis truly materializes, leading to loss of core developers, delays in upgrades, and slower network maintenance—

Will this affect institutions’ long-term valuation logic for ETH?

In the short term, no. They profit from β and arbitrage.

In the long term, yes. Because a public chain that can’t even support its core team—what right does it have to sustain a trillion-dollar market cap?

Current ETH is like a magnificent shopping mall—crowded with customers, but the property is about to run out of electricity bills.

This hasn’t been fully priced into the market yet.

Because most people only look at the price, not the fundamentals.

But EF’s “selling coins to pay salaries” and institutions’ “buying at low prices to accumulate” will eventually intersect.

Either EF finds a new funding model (like large-scale staking yields covering R&D costs), or institutions will start re-evaluating whether ETH’s “long-term #我的Gate交易时刻 premium” still holds.