Ethereum-focused treasury firm FG Nexus has reignited debate across the crypto market after executing another sizable ETH sale amid sustained price weakness. The development comes amid heightened volatility, with multiple high-profile entities adjusting their Ethereum exposure as traders closely monitor on-chain flows for direction.
FG Nexus Dumps $14.06 Million Worth of Ethereum
Ethereum treasury firm FG Nexus has sold 7,550 ETH worth $14.06 million, according to blockchain tracker Lookonchain. The on-chain sleuth disclosed the transaction in a recent X post, citing data from Arkham Intelligence, which showed the sale was executed in a single transaction.
Lookonchain noted that FG Nexus had previously accumulated 50,770 ETH, worth $196 million, between August and September 2025, at an average price of $3,860. The firm even announced on October 22 that it would sell its Quebec property for $10 million to purchase more ETH.
However, in a sharp reversal, the company began trimming its holdings less than a month later. It first sold 21,025 ETH worth $55.7 million at an average price of $2,649. Following the latest sale, FG Nexus now holds 37,594 ETH valued at roughly $73 million.
Broader ETH Sell-Off: Buterin and ETHZilla
Aside from FG Nexus, ETHZilla has also been actively reducing its Ethereum exposure. In October 2025, the firm sold 40 million Ether to fund a $250 million stock repurchase plan. By December, ETHZilla further offloaded 24,291 ETH, worth $74.5 million, to redeem outstanding senior secured convertible notes, signaling a strategic balance-sheet restructuring amid market turbulence. Additionally, Trend Research recently offloaded its ETH holdings to repay loans.
Alongside treasury entities, Vitalik Buterin has reportedly been offloading ETH in sizable amounts. According to Lookonchain, Buterin has sold 11,422 ETH worth $23.33 million over the past month. More recently, he sold 675.8 ETH, valued at $1.25 million, shortly after offloading 3,788.57 ETH, worth $7.3 million, within just three days.
Lookonchain further highlighted that Buterin intends to sell a total of 16,384 ETH, with approximately 70% of the planned sale already completed. Around 4,962 ETH worth $9.5 million remains to be sold. The structured nature of these transactions has intensified discussions within the crypto community as Ethereum continues to trade under pressure.
Whales Accumulate as Bitmine Doubles Down
Despite the wave of sell-offs, data from Santiment shows that Ethereum whales have been accumulating aggressively. Between January 27 and February 6, whale holdings reportedly increased from 104.48 million ETH to 113.39 million ETH, an addition of 8.91 million ETH.
Meanwhile, Ethereum treasury Bitmine has continued to expand its position. According to Lookonchain, the firm recently purchased 51,162 ETH worth $98.33 million despite sitting on a paper loss of $8.4 billion. Bitmine reportedly now holds close to 4.5 million ETH, valued at approximately $8.5 billion.
The divergence between aggressive accumulation and high-profile sell-offs highlights a market split between short-term caution and long-term conviction, setting the stage for Ethereum’s next decisive move.
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Evans Kelvin
The CoinRemark Team
