以太坊基金会再卖 1 万枚 ETH，BitMine 场外接盘，说好的「不再卖币」呢？

marsbitPublished on 2026-04-27Last updated on 2026-04-27

作者:克洛德,深潮 TechFlow

深潮导读:以太坊基金会 4 月 24 日以均价 2,387 美元完成 10,000 ETH 的 OTC 出售,总金额约 2,387 万美元,买方为 Tom Lee 旗下的 BitMine。这是 EF 今年第三次大规模卖币操作,但买方正在以每周数万枚的速度囤积 ETH,目标直指流通量的 5%。在 Kelp 漏洞引发 DeFi 史上最大救援行动的同一周卖币,基金会的时机选择再次招致社区批评。

以太坊基金会的卖币节奏没有停下来的迹象。

4 月 24 日,基金会在 X 平台宣布,以均价 2,387 美元完成 10,000 ETH 的场外交易(OTC),总金额约 2,387 万美元。交易对手方为 BitMine Immersion Technologies(NYSE: BMNR),链上交易从基金会的 Safe 多签地址(0x9fC3dc011b461664c835F2527fffb1169b3C213e)发出。据基金会声明,所得资金将用于协议研发、生态系统建设和社区资助。

这笔交易的背景颇为微妙:同一周,DeFi 行业正全力应对 Kelp DAO 的 2.92 亿美元漏洞危机,Aave 联合十余家协议发起「DeFi United」救援基金筹集 10 万枚 ETH。基金会在此期间选择卖币而非参与救援,触发了又一轮社区不满。

2026 年第三次大额卖币,单次规模创年内新高

这并非孤立事件。回溯 2026 年以来,基金会已完成至少三次大规模 ETH 变现操作:

3 月 14 日,基金会通过 OTC 向 BitMine 出售 5,000 ETH,均价约 2,043 美元,总额约 1,021 万美元。4 月 8 日,基金会通过 CoWSwap 的 TWAP 功能(时间加权平均价格,将大单拆分为多笔小额交易以降低市场冲击)将 5,000 ETH 转换为约 1,110 万 DAI 稳定币,当时 ETH 价格约 2,220 美元。4 月 24 日这笔 10,000 ETH 的 OTC 交易,是年内单次最大规模操作。

三笔交易合计卖出 20,000 ETH,总价值约 4,518 万美元。

再往前看,据 Spot On Chain 数据,2024 年全年基金会共卖出约 4,466 枚 ETH,总额 1,261 万美元,均价 2,823 美元,分 32 笔完成。其中 15 笔发生在 ETH 价格阶段性高点附近,基金会因此被社区戏称为「逃顶大师」。

2026 年的变化在于:卖出规模显著放大,从 2024 年每次 100 枚的「零售式」卖出,跳升到单笔 5,000 至 10,000 枚的机构级别。这与基金会 2025 年 6 月发布的国库管理政策一致。该政策规定年度运营支出为国库总值的 15%,同时维持 2.5 年的法币运营缓冲。当法币储备低于缓冲目标时,自动触发 ETH 出售。

买方 BitMine:持仓近 500 万枚 ETH,目标 5% 流通量

交易对手方 BitMine 的存在,让这笔卖出多了一层值得关注的含义。

BitMine 由 Fundstrat 创始人 Tom Lee 担任董事长,2025 年 6 月通过 2.5 亿美元定增正式启动 ETH 国库策略。截至 4 月 24 日,BitMine 持有约 497 万枚 ETH,占 ETH 总流通量的 4.12%,总资产约 129 亿美元,是全球最大的 ETH 企业国库,仅次于 Strategy(原 MicroStrategy)的 BTC 持仓位居全球第二大加密货币企业国库。

BitMine 的买入节奏极为激进。据 CoinDesk 报道,仅 4 月第三周,BitMine 就购入 101,627 枚 ETH(约 2.3 亿美元),为 2026 年以来最大单周买入量。公司目标是持有 ETH 流通量的 5%(约 600 万枚),目前完成度约 81%。其中约 333 万枚 ETH 已质押,年化质押收入约 2.21 亿美元。

Tom Lee 在 2 月 ETH 跌破 2,000 美元、BitMine 账面浮亏约 80 亿美元时仍坚持增持,并公开表示 ETH 处于「迷你加密寒冬的最后阶段」。4 月 13 日,他将 ETH 称为「战时价值储存资产」。

换言之,基金会这 10,000 枚 ETH 并未流入公开市场,而是直接进入了一个明确表态长期持有、且正在以远超基金会卖出速度买入的机构手中。从供应结构角度看,这笔 OTC 交易的实际市场冲击接近于零。

质押 7 万枚 ETH 之后,为什么还在卖?

今年 2 月 24 日,基金会宣布启动 70,000 枚 ETH 的质押计划,到 4 月 3 日基本完成,质押总量约 69,500 枚 ETH,按当时价格计约 1.43 亿美元。按 2.7%至 3.8%的年化质押收益率计算,每年可产生约 390 万至 540 万美元的收入。

社区一度将此解读为「基金会不再需要卖币了」。Reddit 上甚至出现了「基金会已经停止卖币」的讨论帖。但随后 3 月的 OTC 交易和 4 月 8 日的 CoWSwap 转换迅速打破了这一幻想。

算术很简单:基金会 2025 年第一季度的拨款支出为 3,260 万美元,折合约 14,700 枚 ETH。质押年收入 390 万至 540 万美元,仅能覆盖约一个季度拨款的三分之一。4 月 8 日那笔 1,110 万美元的转换,也只相当于单季度拨款的 33%。质押和 DeFi 借贷改善了国库灵活性,但远不足以取代直接卖币。

「逃顶大师」名号背后:EF 卖币与 ETH 价格的历史关联

基金会卖币与 ETH 价格之间的关系,是加密社区经久不衰的讨论话题。

据 CoinGecko 今年 3 月发布的研究报告,该机构分析了 2017 年 10 月至 2025 年 1 月间基金会所有超过 100 枚 ETH 的链上转账。结论是:30 天滚动相关性主要分布在 -0.3 至 0.5 之间,属于弱相关到中等相关。短期(3 天)相关性波动极大,从 -0.999 到 +0.999 都有,更多反映的是市场情绪而非基金会卖出行为本身的影响。

但几个具体案例仍给社区留下了深刻印象。2017 年 12 月基金会集中卖出后,ETH 从 850 美元峰值回调近 40%至 520 美元。2023 年 5 月,基金会向 Kraken 交易所转入 15,000 枚 ETH,当时 ETH 价格随后下跌约 6%。2024 年的 32 笔交易中,链上分析师 Spot On Chain 标注其中 15 笔发生在阶段性高点附近。

截至发稿,ETH 报价约 2,328 美元,较 2025 年 8 月创下的历史高点 4,897 美元回落约 52%,在 2,500 美元关键阻力位下方盘整。

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