Ethereum Foundation Raises Selloff Risks By Unstaking $50M ETH
The Ethereum Foundation rattled the crypto market by unstaking about $50 million worth of ETH on Monday, May 11. It sparked concerns of a potential selloff owing to the organizations previous transfer trend. Ethereum Foundation Unstakes Over $49M In ETH On-chain data from Arkham Intelligence shows that the Ethereum Foundation has cashed out 21,271 ETH worth of nearly $49.66 million from its Ethereum staking positions via Lido. The transfers took place in several transactions that each had an estimated value of around $2.3 million. As per blockchain records, each batch had approximately 811 wrapped staked ETH (wstETH) from the crypto staking platform. During unstaking, these assets have been deposited into Lidos unstETH contract. This transfer shifted the Ethereum Foundation‘s ETH balance from nearly the top of its reported internal cap of 70,000 ETH, to roughly 52,965 ETH. Almost $50 million worth of ETH was also re-liquidated in the organisation’s treasury wallet. According to data from Arkham Intelligence, the transfers were not necessarily due to an immediate market sale, but rather related to treasury rebalancing. The activity was seen as being part of normal management to ensure a liquid environment for ecosystem development and grant and operational costs. When the queue of withdrawals on Lido is full,








