Ethereum Foundation just unstaked $49M in ETH - Should you be worried?
New treasury activity from the Ethereum [ETH] Foundation has fueled a new conversation. It has also fueled some uncertainty, even though supply conditions still seem fairly tight. Ethereum Foundation unstakes nearly 70K ETH The Ethereum Foundation recently unstaked 21,270 ETH. Thats nearly 30% of the 70,000 ETH it had recently committed to staking. Source: X This happened soon after they completed deployment of the treasury staking strategy from earlier this year. The timeline is interesting. In January 2025, they said they were exploring staking options. By June, a treasury policy described deployments as “long-term.” The Ethereum Foundation began staking the first treasury tranche in February 2026. Further confirmation came in April, that it had fully deployed all 70,000 ETH. Now, barely a month later, it has already withdrawn a big portion of those holdings again. Ethereum supply is still tight Unstaking simply moves ETH back into a liquid wallet. Worth noting, however, that on-chain data alone does not confirm the Ethereum Foundations next step. In fact, the market reaction earlier this week was linked more closely to the Ethereum Foundations separate sale of 10,000 ETH rather than the unstaking itself. For instance – Exchange reserves have continued to fall to multi-year lows, with only around 14.5 million ETH left on