#ETH大户吸筹，EF资金危机逼近

The Ethereum Foundation recently sold another 5,000 ETH through OTC to BitMine (a company under Tom Lee), and this is not the first time. Rumors that the core team faces funding pressure within 3-9 months are becoming more and more credible. Meanwhile, institutions are building large positions.

The simultaneous occurrence of these two events indicates that institutions are buying ETH for its financial attributes—ETF, staking yields, institutional custody—rather than the protocol layer’s long-term sustainability.

EF selling tokens to save itself, with core development resources possibly being compressed, has a significant impact on ETH’s long-term pricing logic.

My seasoned opinion is straightforward: if EF’s funding crisis truly materializes, the “story” of ETH for institutions will be discounted.

Financial attributes can be short-term hype, but without sustained protocol layer investment, ETH will gradually turn into a “stock with staking yields.”

Stop fooling yourself with old narratives like “Ethereum is the internet of money.” The reality is that institutions are buying liquidity, while the protocol layer is temporarily sidelined by the market.