At first glance, I feel that the Ethereum Foundation is so wronged and pitiful. It's really great that 0.16% of Dev has been heartbroken for such a big plate. Why are you so harsh on EF? Then I checked the entire history of ETH holdings of the Ethereum Foundation (EF), The Ethereum Genesis block pre mined 72 million ETH, of which 60 million was allocated to the 2014 crowdfunding participants and 12 million to the development fund (i.e. Ethereum Foundation), so in fact, it originally accounted for 16.7%. But at that time, it was the rules of the POW game, and EF didn't mine on its own, so naturally it gradually diluted. This is from ancient times, and the control of the market is the same as now. Other public chains taking 10-50% is not a box, there is no comparison. But the EF Foundation actually accumulates through internal allocation and operation, with peak holdings far exceeding 0.16%. Why is it so low now? It's not just about constantly selling, so don't sell badly. At least I haven't seen any other public chain foundation selling their own coins that could provoke such a strong backlash. ~~~~~~~~~~~~~~~~~~~~~ According to on chain data from March 2022, the EthDev wallet address shows that the foundation has a total holdings of approximately 353318 ETH, valued at approximately $827 million. This is roughly a verifiable historical high point for holdings, accounting for about 0.3% of the total supply at that time. Several important sales in history In 2017, under the leadership of Vitalik, the foundation sold 70000 ETH, which was basically at the high point at that time. This operation doubled the foundation's operating reserves. In May 2021, when ETH reached a new high of approximately $4000, the foundation sold 35000 ETH; In November of the same year, one day after ETH reached a historical high of nearly $4900, the foundation made another sale. Since 2021 alone, the foundation has sold approximately 239000 ETH and cashed out approximately $654 million. Accelerate sales from 2025 to 2026 As of October 2025, the foundation has sold 17 ETH that year, leaving approximately 222720 ETH. After entering 2026, the foundation continued to sell to BitMine through OTC channels, selling approximately $47 million worth of ETH in just the past week. As of the latest data, the foundation holds approximately 92548 ETH coins, valued at approximately $214.8 million at current prices. In addition, the foundation also pledged approximately 70000 ETH (approximately $143 million), which is not included in current holdings. 0.16% is the current figure, while in the second half of 2024, this proportion will still be around 0.25%. Continuing at this rate, the foundation's ETH reserves may be depleted by 2027- which is precisely the core background of Vitalik's article about "limited resources" and the need to refocus on strategy. ~~~~~~~~~~~~~~~~~~ So, Dev Sell is selling well, but the proportion of holdings has decreased. Who is to blame?