Ethereum's Market Tug-of-War: Founder Sales Meet Institutional Accumulation

Ethereum faces opposing forces as BitMine buys $98M in ETH while a founder-linked entity sells. Price drops 5.74% amid a key Binance wallet maintenance update.

The Ethereum market is currently caught in a crosscurrent of opposing forces. On one side, a significant seller linked to the project's core development is liquidating holdings. On the other, a major institutional player is aggressively expanding its position. This dynamic creates a central question for traders: which force will ultimately dictate the asset's price direction?

Institutional Buyer BitMine Doubles Down

Contrasting the selling pressure, BitMine Immersion Technologies is moving in the opposite direction. The firm announced via press release a substantial purchase of 51,162 ETH for $98 million, further building its treasury reserves.

According to corporate disclosures, BitMine now holds 4,422,659 ETH. This figure represents approximately 3.66% of the entire circulating supply. The company's broader holdings include $9.6 billion in combined crypto and cash assets, comprising $691 million in cash and 193 Bitcoin. A notable portion of its Ethereum is not idle; 3,040,483 ETH are currently staked, generating an annualized revenue of $171 million. BitMine reports a 7-day staking yield of 2.89%. This activity is market-relevant because staked assets are typically less likely to appear as immediately available supply for trading.

Founder-Linked Entity Executes Planned Divestment

Blockchain data from Arkham indicates that Vitalik Buterin, a co-founder of Ethereum, has sold 1,869 ETH over the past 48 hours. These transactions are not impulsive but part of a predefined liquidation strategy communicated on January 30, 2026. The sales are conducted through an entity named "Kanro" to fund ongoing ecosystem development. The plan outlines total sales of up to 16,384 ETH.

Since February 2, 2026, Arkham's on-chain analysis shows that Buterin has released over 8,000 ETH into the market via this strategy. Despite these distributions, his remaining holdings are substantial, reportedly exceeding 224,000 ETH.

Price Action and a Key Exchange Update

The recent sales from the founder-associated address coincided with negative price momentum. Ethereum is currently trading at $1,860.40, reflecting a 5.74% decline over the last 24 hours. The 30-day performance shows a more pronounced drop of -36.96%, confirming the broader downward trend as the dominant chart narrative.

In parallel, a technical event is scheduled: Binance has announced a brief wallet maintenance period on the Ethereum network for tomorrow, February 24, 2026. The maintenance window is set to begin at 06:00 UTC and last approximately one hour. According to the exchange, deposits and withdrawals will be paused shortly before the start time, although trading on the platform will continue uninterrupted.