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Ethereum Foundation Unstakes $49 Million in ETH Through Lido

The pending release of the unlocked ETH from Lido could test market nerves after a recent 10,000‑ETH OTC sale.

Overview

  • The Ethereum Foundation, which on Saturday used Lido’s withdrawal contract, began unstaking 17,035 ETH worth about $49 million that will become liquid once the queue completes.
  • The team deposited wrapped staked ETH (wstETH), a token that represents staked ETH, in 271 batched calls to Lido’s contract in a structured on-chain process.
  • The move landed as the foundation neared its 70,000‑ETH staking goal and it still holds more than 100,000 ETH in liquid reserves alongside other staked positions.
  • No explanation has been given for the withdrawal, and Arkham’s alert prompted fresh sale talk after the foundation’s recent 10,000‑ETH private deal with Bitmine Immersion Technologies.
  • ETH prices were little changed near $2,300, while DeFi protocols worked to contain fallout from the Kelp rsETH exploit with a “DeFi United” pledge of over 43,500 ETH to support rsETH.