The Ethereum Foundation has completed a third over-the-counter (OTC) sale of ETH to BitMine Immersion Technologies, offloading another 10,000 ETH at an average price of $2,292 per coin, worth roughly $22.9 million.“This sale funds the Ethereum Foundation’s core operations and activities, including protocol R&D, ecosystem development, community grant funding and more,” the Foundation wrote in a Friday post on X.The sale follows a nearly identical 10,000 ETH transaction completed just one week earlier at $2,387 per coin. The Foundation’s first sale to BitMine came in March, when it sold 5,000 ETH at around $2,043. Combined, the Foundation has sold approximately $47 million worth of ETH to BitMine in the past week alone.Ethereum Foundation sells 10,000 ETH. Source: Ethereum FoundationThe move also comes after the foundation unstaked 17,035 ETH worth roughly $40 million last week, apparently dropping its stated goal of 70,000 staked ETH.Related: These 3 Ethereum metrics favor an ETH price rally to $6KEF under scrutiny over ETH salesThe repeated sales have drawn criticism from the community. “Why do you need $46 million in 2 weeks?! How much are you guys burning and what for? Why is no one from the devs taking ETH directly as payment?!” one user wrote in response to the announcement.The Foundation has faced scrutiny over its ETH sales before, and at one point last year said it planned to limit them. It has since moved to offset some of that pressure by staking a portion of its holdings.ETH is currently trading at around $2,303, largely flat over the past day, according to data from CoinMarketCap. However, the token is down by more than 53% compared to its all-time high of $4,953 registered in August last year.Related: Ether treasuries need liquid staking edge to beat ETFs, says Lido execBitMine nears 5 million ETHBitMine, chaired by Tom Lee, is the largest Ethereum treasury company by holdings, with nearly 5 million ETH on its books. The milestone was reached after the firm added 101,901 ETH in its biggest weekly purchase of the year.The company has also been aggressively staking its holdings, with 83% of its cumulative ETH, around 4.19 million coins worth roughly $9.5 billion, now staked as of Thursday, up from about 70% the previous week.Magazine: Your guide to surviving this mini-crypto winterCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Bitcoin may not need a new story or catalyst to push back above the psychological $100,000 level, which it has not traded above in nearly five months, according to MN Trading Capital founder Michael van de Poppe.‘“There doesn’t need to be a narrative that pushes the price upwards,” van de Poppe said in an X post on Friday, after asking, “What narrative will bring Bitcoin to $100K?”“Price moves upwards, and the narrative will create itself,” van de Poppe said, adding:“That’s why simply using math, statistics, and logic is required in order to succeed, and that’s why these regions on Bitcoin are still good for accumulation.”Van de Poppe pointed out that attention has rotated elsewhere in the technology industry, with AI and other sectors “taking the spotlight” away from Bitcoin in recent months. At the time of market close on Friday, the stock price of Nvidia (NVDA), the largest AI stock by market capitalization, is up 5.08% since Jan. 1, while Bitcoin (BTC) is down around 10% over the same period.Bitcoin hasn’t traded above $100,000 in almost five monthsThe last time Bitcoin traded at $100,000 was Nov. 13, just a month after the Oct. 10 $19 billion crypto market liquidation event, which many market participants attributed to the recent five-month downtrend. Bitcoin fell to a yearly low of $60,000 in February and has since recovered to $78,250 at the time of publication, according to CoinMarketCap. Bitcoin is up 14.49% over the past 30 days. Source: CoinMarketCapMany crypto market participants still believe that Bitcoin needs a strong narrative to drive its price higher. In recent times, attention has centered on US Federal Reserve interest rate decisions, regulatory developments in the US, and spot Bitcoin exchange-traded fund (ETF) inflows as potential catalysts.Some also point to the potential passage of the US CLARITY Act, which aims to provide clearer rules for the industry, as a possible driver of Bitcoin’s upside.Some say the CLARITY Act will not boost Bitcoin’s priceOthers are not so sure. Veteran trader Peter Brandt told Cointelegraph in December that the CLARITY Act would be a positive step for the industry, but is unlikely to act as a major catalyst for upward movement in Bitcoin’s price.Related: Repeated Bitcoin profit taking near $77K suggests rally is losing steam“Is it a world-shaking macro development? Nope. Needed for sure, but not something that should redefine value,” Brandt said.Coinbase chief legal officer Faryar Shirzad said on Friday that “It’s time” for the CLARITY Act to be finalized after new stablecoin yield provisions were published on Friday.Meanwhile, White House crypto advisor Patrick Witt said at the Bitcoin Conference in Las Vegas this week that a “big announcement” on US President Donald Trump’s Bitcoin reserve is coming within weeks.Magazine: AI-driven hacks could kill DeFi — unless projects act nowCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.