The top altcoin has been getting smashed lately and these fresh reports about the Ethereum Foundation dumping tokens again are only making things worse. 😈 That news hit investor vibes hard and shoved ETH’s Fear and Greed Index even deeper into pure fear mode. 💀
Way Too Much Dumping Spotted 📉
Earlier today on October 26 Lookonchain dropped the tea that a wallet tied to the Ethereum Foundation offloaded 2,785 ETH for around $6.42 million. 🖤 The last time something similar popped off two weeks ago it led straight to a 9% price drop. Back then two wallets linked to the Foundation moved $11.13 million worth into Kraken which is usually a big sell signal.
Shortly after that another Ethereum OG woke up from nine years of sleep and dumped 1,500 ETH worth about $3.46 million. They originally grabbed 100,000 ETH for just $31,000 in the 2015 ICO and still sit on 48,500 ETH valued near $112.7 million. 🔥 X user Ted called these sales incredibly frustrating yet still backs ETH hard while questioning why folks keep cashing out instead of building real value.
Start thinking seriously about buybacks. Create stronger incentives for L2s to accumulate and buy back ETH. Improve ETH value capture. The ecosystem is incredible. Now we need the economics of the token to reflect that.
I dumped it all. The Maelstrom directional book, took profits on $ETH, $ENA, $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land. Going to sit on the sidelines and wait for the all clear signal … Brrrrr
— Arthur Hayes (@CryptoHayes) October 24, 2026
This whole sell-off wave feels super bearish because it floods the market with more supply and could tank prices if demand does not keep up. It also shakes smaller holders into panic selling too. ETH’s Fear and Greed Index crashed to 31 today showing everyone is getting anxious af. 🌑
BitMine Refuses To Slow Down Their Stack 🖤
Meanwhile BitMine keeps stacking more ETH like it is going out of style. They grabbed another 10,452 units pushing their total to 6,051,933 coins or roughly 4.95% of the entire supply and getting close to that 5% goal. 👻 They also bought back 2.04 million shares at an average of $22.48 bringing total buybacks to 22.9 million shares worth almost $400 million. On top of that they staked 5.23 ETH which is about 12% of everything locked on the network.
Ethereum wrapped up the third quarter with 43.8 million coins staked after nearly 2 million more flowed in during that stretch. This shows serious long-term belief even while staking yields slipped from 2.81% down to 2.63%. 🌙
Just another echo from the void by iconofsin.eth 💖
