And so it starts…

[adaseb]

https://www.coindesk.com/business/2025/11/20/ether-treasury-firm-fg-nexus-unloads-nearly-11k-eth-to-fund-share-buyback

FG Nexus basically an Ethereum DAT sells around 10K ETH with 40K remaining.

There is a bunch of these DATs which are all trading below their NAV of crypto holdings.

Honestly it feels like 2021-2022 and at first with starts with one and then the rest…

[hugeblack]

I don't think that selling 10,922 ETH will lead to a market crash, nor is it considered negative news in the long run. The news would have been framed differently if the price had been higher, as the analysis would have shown that the "share buyback" process is a positive development and would contribute to buying more Ethereum.

Therefore, the correction has already occurred, and unless companies declare bankruptcy, we cannot consider what happened to be bad.

[As-Soon-As]

FG NEXUS ANNOUNCES THIRD QUARTER HIGHLIGHTS AND SHAREHOLDER UPDATE
On October 23, 2025, the Company commenced repurchasing its common shares under its previously announced share buyback program. To support this activity, the Company borrowed approximately $10 million and sold 10,922 ETH, with proceeds being deployed to accelerate repurchases and enhance shareholder value.
Source Link: https://www.globenewswire.com/news-release/2025/11/20/3191942/0/en/FG-NEXUS-ANNOUNCES-THIRD-QUARTER-HIGHLIGHTS-AND-SHAREHOLDER-UPDATE.html


If you look at the main performance of the third quarter of 2025, you will definitely see all kinds of information here. But it should never be blamed, because you can never think negatively about ETH being sold in the market all the time. So you can definitely see the third quarter scenario here.

[adaseb]

Its not the selling of the ETH, I agree 10K is a small amount. This company along with dozens of others have decided to become digital asset treasuries basically copying Microstrategy. They diluted their shares by a crazy amount so they could add ETH to their balance sheet along with a little bit of USDC.

I think they added something like 1 million new shares, and they bought 50K worth of Ethereum, and lately their stock has been tanking and they are doing the opposite now, they are selling ETH (at a loss most likely) to buy back the shares to pump the stock back up.

However the stock barely held up and went down anyways and their stock is trading at negative NAV compared to the amount of crypto they hold.

[Ruttoshi]

I think they added something like 1 million new shares, and they bought 50K worth of Ethereum, and lately their stock has been tanking and they are doing the opposite now, they are selling ETH (at a loss most likely) to buy back the shares to pump the stock back up.

However the stock barely held up and went down anyways and their stock is trading at negative NAV compared to the amount of crypto they hold.

That's the risk in crypto. When the bear market arrives, crypto investors will run at loss. Selling at loss is the worse due to panic of market crash. I wouldn't blame them because they're trying to diversify to balance the risk but made the wrong moves.

It's a pity that their stock is also trading at neg NAV. They might regret selling the 10000 Etherum that they sold because it didn't add any value to their stock currently. At the time, both crypto and stock market are performing poorly.

[programmer3666]

the market is jus scary to the core at this very moment it sure feels like the early signs of those 2021 - 2022 sell off patterns line one very wicked DAT starts unloading a big chunk of its reserves, then suddenly others will just ride on the established wickedness anddo the same! because investors get nervous seeing assets trade below NAV if more of these funds begin selling to cover operations or buybacks we might see similar pressure build up across the market. Lets hope it doesn’t turn into a chain reaction in coming days, but the signs definitely look familiar as of now

[passwordnow]

the market is jus scary to the core at this very moment it sure feels like the early signs of those 2021 - 2022 sell off patterns line one very wicked DAT starts unloading a big chunk of its reserves, then suddenly others will just ride on the established wickedness anddo the same! because investors get nervous seeing assets trade below NAV if more of these funds begin selling to cover operations or buybacks we might see similar pressure build up across the market.

Scary as it is if you have not come prepared for it. With these financial institutions, they have to do their own thing as that's not only their money but also their investors. That is what I've thought, they're not going to be a die-hard holder compared to us, they are running a company and they have to profit from the market while they can.

Lets hope it doesn’t turn into a chain reaction in coming days, but the signs definitely look familiar as of now

When we start to see a chain reaction and domino effect, that might be one of the signs that we're all waiting for.

[asriloni]

FG Nexus was a small firm that sold fewer ethereum. It surely didn't impact the market a lot, but look at Blackrock. Blackrock offload more than 220k ethereum, but it's not yet stopped since they may have a plan to leave from the market before it goes down further.

They have more than 3.6 millions ethereum remaining. It's gonna be a disaster if they dumped a half of it to the market. So like you said bearish trend is starting.

Blackrock offload their crypto holdings, whales are exit from the market, and liquidity gets drained.

It's a complete scenario to declare bearish trend is already started.