Ethereum Foundation Unstakes $49 Million Worth of ETH
- The Ethereum Foundation unstaked nearly $49 million in Ethereum through multiple transactions of wrapped staked ETH (wstETH) to the Lido unstETH contract.
- These transactions involved approximately 811 wstETH, valued at about $2.3 million each, indicating a potential coordinated strategy.
- The foundation’s total staked ETH has surged from over 2,000 ETH in February to nearly 70,000 ETH.
- A recent withdrawal of over 17,000 ETH occurred just before reaching the target of another 70,000 ETH.
- Previously, the Ethereum Foundation sold an additional 10,000 ETH to Bitmine Immersion Technologies Inc.
The recent unstaking activity has raised concerns about a possible market sell-off due to the lack of an official statement from the Ethereum Foundation regarding these moves. Currently, ETH is experiencing price consolidation with key resistance levels between $2,300 and $2,400.
As of now, if Ethereum can reclaim the $2,400 level following this significant unstaking event, it may aim for liquidity around $2,470–$2,500.(Source)
