ethereum foundation sold 100,000 ETH to bitmine at $2,337 in a single block trade. they sold 35,000 ETH total in all of 2022. the most informed holder of ETH on the planet just did a 3x larger sale into one counterparty who immediately staked 214,440 ETH with grayscale in 8 hours. bitmine now holds 4.976m ETH, 4.12% of total supply, routing through coinbase prime which pushes coinbase validator control to ~21%. lido at 28%. two entities now run half of ethereum's consensus layer. the foundation sold the decentralization thesis to fund operations and the buyer is accelerating centralization with the proceeds. bear case is the foundation knows something about ETH at $2,337 that you don't. bull case is 10% of supply is now locked in staking products that can't hit the orderbook for months. watch net exchange outflows. if they hold above 500k ETH/month the supply side is cooked
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