以太坊基金会在告诉市场其已质押 70,000 个代币后继续出售 ETH

The Ethereum Foundation (EF) announced on Apr. 8 that it would convert 5,000 ETH into stablecoins through CoWSwap’s TWAP feature to fund research, grants, and donations. The announcement reopened a debate over what the foundation’s treasury overhaul was ever meant to accomplish. Over the last year, EF moved treasury assets into DeFi, borrowed against ETH collateral, and then launched a staking initiative centered on about 70,000 ETH. The reality described in EF’s June 2025 treasury policy suggested a different model. It tied monetization to a fiat-denominated operating buffer and kept ETH sales, staking, and stablecoin borrowing inside the same treasury framework. Why this matters A lot of the market had started to treat staking as a partial answer to the Ethereum Foundation sell pressure. The new sale shows that staking rewards and DeFi borrowing may improve treasury flexibility, but they still do not remove the need to sell ETH for operating cash. On Feb. 13, 2025, EF Treasury said it had deployed 45,000 ETH across Spark, Aave Prime, Aave Core, and Compound . On May 29, it borrowed $2 million in GHO against its Aave position. The move carried symbolic weight because it showed EF using DeFi rails to raise working capital without selling spot ETH. By early April, that interpretation had filtered into retail discourse, as a Reddit post argued that EF was “no longer selling.” One commenter replied that “it’s good that they stopped selling.” A timeline charts the Ethereum Foundation's treasury moves from February 2025 through April 2026, spanning DeFi deployment, GHO borrowing, staking, and ETH conversions. Despite anecdotal evidence, this kind of chatter shows how the stronger version of the thesis had already entered circulation before EF announced the Apr. 8 conversion. The selling continues As EF launched its staking initiative on Feb. 24, it said it would stake 70,000 ETH , with rewards routed back to the treasury. On Mar. 14, it finalized a 5,000 ETH OTC sale to