The Ethereum Foundation initiated the unstaking of 21,000 ETH, valued at approximately $48.9 million, following the activation of withdrawals on the Lido staking platform. The move was identified through on-chain data, which showed a significant deposit of wrapped staked ETH (wstETH) into Lido's unstaking contract.
"The transaction was executed from a wallet associated with the Ethereum Foundation," a researcher from the on-chain analytics firm Nansen said. "This appears to be a planned move to increase liquid ETH holdings, possibly for operational funding or diversification."
The unstaking process on Lido involves a queue system, meaning the ETH will not be immediately available to the Foundation. The current estimated time for withdrawal is approximately five days, according to Lido's dashboard. This mechanism is designed to prevent a sudden flood of liquidity that could destabilize the ETH price.
This action could introduce a significant amount of liquid ETH to the market, potentially creating selling pressure if the Foundation decides to liquidate the assets. The market may react with caution as traders speculate on the motive behind the unstaking, whether it is for operational funding, diversification, or reinvestment into other parts of the ecosystem. This unstaking event follows a recent over-the-counter sale of 10,000 ETH to BitMine Immersion Technologies for $23.87 million, part of the Foundation's ongoing treasury management strategy.
This article is for informational purposes only and does not constitute investment advice.
