EF Doing Its Job, Researcher Says Amid ETH Sales Criticism
Blockchain researcher William Mougayar defends the Ethereum Foundation, stating it is a protocol steward not a marketing engine. Amid criticism over recent ETH sales and unstaking totaling ~$47M, he argues EF is on a 'subtraction path' to reduce centrality.
Quick Take
William Mougayar defends EF as protocol steward, not marketing engine.
EF sold $47M ETH via OTC, unstaked ~$90M recently.
Critics confuse ETH asset, Ethereum network, and EF's role.
EF aims to harden protocol and become less central over time.
Market Impact Analysis
BearishThe article highlights recent ETH sales and unstaking by the EF, which could add bearish pressure, but the defense may offset some negative sentiment. Overall, minimal immediate market impact expected.
Speculation Analysis
Key Takeaways
- William Mougayar defends the Ethereum Foundation, calling it a protocol steward—not a marketing engine.
- The EF has sold ~$47M worth of ETH via OTC and unstaked over $90M in recent weeks.
- Critics confuse the ETH asset, Ethereum network, and the Foundation’s distinct role, fueling unrealistic expectations.
- The Foundation aims to harden the protocol and reduce its own centrality over time.
What Happened
Blockchain researcher William Mougayar pushed back against mounting criticism of the Ethereum Foundation, arguing the non-profit is executing its intended role as a protocol steward rather than a marketing engine. In a post on X, Mougayar said ETH, the Ethereum network, and the EF are three separate entities with distinct trajectories, and confusing them leads to misplaced anger. The defense comes after weeks of community backlash over significant ETH sales and unstaking by the foundation, which some believe has weighed on ETH’s price.
The Numbers
The EF recently sold 10,000 ETH via OTC at an average price of $2,292, netting roughly $22.9 million. Combined with two prior transactions, total sales to BitMine reached approximately $47 million in recent weeks. The foundation also unstaked 17,035 ETH (~$40M) and another 21,270 ETH (~$50M) from Lido, moving over $90 million in staked ether. Meanwhile, ETH trades at $2,117, up 4.67% on the day but down 57% from its August high of $4,953.
Why It Happened
Criticism intensified as EF’s sales and unstaking coincided with ETH’s persistent underperformance. Mougayar says the foundation is on a “subtraction path,” working to make itself less central to Ethereum over time by hardening the protocol, shipping upgrades, and funding research others ignore. He dismissed demands for marketing or institutional courting as “like expecting the IETF to run Super Bowl ads for TCP/IP.” The core tension: some holders want a promotion machine, but the EF sees its duty as technical stewardship.
Broader Impact
The debate highlights a growing rift between crypto communities that expect promotional efforts from foundations and those that prioritize decentralized protocol development. As EF reduces its ETH holdings, it may signal a long-term shift toward less centralized influence on Ethereum’s ecosystem, potentially reshaping how other protocol organizations are evaluated.
What to Watch Next
- Monitor EF’s on-chain activity for further sales or staking moves, as large transfers can spark volatility.
- Watch ETH price reaction near $2,000; a break below could amplify bearish sentiment tied to foundation actions.
- Track community sentiment and any official EF response; if the “protocol steward” narrative gains traction, it could mute criticism.
This article is for informational purposes only and does not constitute financial advice.
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