Key Takeaways
- Over the weekend, the Ethereum Foundation withdrew more than 17,000 ETH valued at roughly $49 million
- The withdrawal was executed through Lido’s unstETH contract and will become liquid ETH once the withdrawal queue completes
- This action occurred right before the Foundation was set to hit its 70,000 ETH staking milestone
- The Foundation has provided no public explanation, fueling concerns about a potential sale
- Previously, the Foundation conducted a 10,000 ETH over-the-counter transaction with Bitmine Immersion Technologies
Blockchain data from Arkham Intelligence reveals that the Ethereum Foundation withdrew 17,035 ETH—valued at roughly $49 million—during the weekend. The operation consisted of transferring wrapped staked ETH (wstETH) to Lido’s unstETH contract through multiple transactions, each containing approximately 811 wstETH.
After Lido’s withdrawal queue completes processing, these funds will be returned as liquid ETH. To date, the Foundation hasn’t issued any official communication regarding this transaction.
The unstaking event’s timing has caught significant attention. The withdrawal took place precisely when the Foundation was nearing its internal benchmark of 70,000 staked ETH. Prior to this withdrawal, approximately 69,500 Ethereum had been staked, leaving the organization just short of reaching that milestone.
The Foundation’s major staking activities commenced in February 2026. Initially staking 2,016 ETH, the organization subsequently added 22,517 ETH throughout March, followed by an additional deposit exceeding 45,000 ETH earlier in the current month.
Back in June 2025, the Foundation formally adopted its ETH staking strategy. The official rationale was to generate returns that would support protocol research initiatives, ongoing development efforts, and ecosystem grant programs.
Community Raises Concerns About Potential Liquidation
This withdrawal has reignited worries about possible selling pressure on the market. Several community observers have pointed out the Foundation’s recent involvement in private sales, most notably the 10,000 ETH transaction completed with Bitmine Immersion Technologies.
“The biggest seller of ETH continues to be the people who created ETH,” one user posted online.
Market analysts are closely monitoring the $2,300–$2,400 price zone for ETH, identifying this range as a critical threshold that may determine the cryptocurrency’s short-term trajectory.
Ethereum co-founder Vitalik Buterin has previously cautioned that substantial staking operations by the Foundation might introduce governance challenges during controversial hard fork scenarios.
DeFi Community Responds to Separate Crisis
In parallel developments, Ethereum’s decentralized finance sector is managing the aftermath of a massive $293 million security breach targeting the Kelp restaking platform. Attackers compromised over 116,000 restaked ETH tokens, utilizing them as loan collateral and creating approximately $195 million in uncollateralized debt on Aave.
A collaborative effort known as “DeFi United,” spearheaded by Aave, has committed more than 43,500 ETH (valued at roughly $101 million) toward stabilizing rsETH. Contributing organizations include Lido DAO, Golem Foundation, EtherFi Foundation, and Mantle.
The Ethereum Foundation’s latest verified blockchain activity remains the $49 million unstaking transaction that occurred on Saturday, April 26, 2026.
