Ethereum Foundation unstaked $48.9 million worth of ETH, having sold 10,000 ETH via OTC the day before yesterday.

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On-chain analysis platform Arkham monitored that the Ethereum Foundation has deposited 21,269 wstETH into Lido's unstETH contract, initiating the unstaking process, involving approximately $48.9 million. (Previous coverage: Ethereum Foundation dumps 5,748 ETH, community: Is a major volatility coming?) (Background: Ethereum Foundation stops selling coins! Initiates first staking "transfer of 70,000 ETH to the Beacon Chain," with yields fully supporting the development ecosystem) On-chain analysis platform Arkham monitoring data shows that the Ethereum Foundation completed a bilateral swap between April 24 and 25: first converting 21,269 aWETH to wstETH, and then depositing the wstETH into Lido's unstETH contract, officially initiating the unstaking process. The entire operation was completed through the collaboration of Lido Finance and Mellow Protocol, and it is expected to take 1 to 5 days to receive the equivalent ETH. THE ETHEREUM FOUNDATION IS UNSTAKING ETH The Ethereum Foundation is unstaking $48.9M ETH. They just deposited WSTETH to the Lido unstETH contract and will receive unstaked ETH once the unlocking process is completed. Are they going to sell this ETH as well? pic.twitter.com/qsfrA9Cj7c — Arkham (@arkham) April 26, 2026 The Ethereum Foundation confirmed this operation on its official X account, stating that the purpose is "deleveraging." Based on the current market price of ETH at approximately $2,317, these assets pending unlocking are equivalent to approximately $48.9 million. Time-sensitively, just the day before yesterday, the Ethereum Foundation confirmed that it had sold 10,000 ETH via an over-the-counter (OTC) transaction at an average price of $2,387 per coin, with the counterparty being the recently active institutional whale Bitmine. The official statement emphasized that these funds, totaling approximately $23.87 million, will be fully invested in protocol research and development and ecosystem grants. 0/ Today, the Ethereum Foundation completed a bilateral swap of ~21,269 aWETH to wstETH, coordinated with @LidoFinance and @mellowprotocol as part of their ongoing deleveraging work. — Ethereum Foundation (@ethereumfndn) April 24, 2026 Will they continue to sell? Critics point out that the timing of the EF's sale coincides with a sensitive node where ETH is struggling to break through the $2,400 resistance level, and the timing choice has sparked questions about whether the EF is dragging down price momentum. The bullish camp offers an alternative interpretation: usually, the OTC buyers of the foundation's coin sales are institutional takers, representing organized capital accumulating off-market, which is different from the panic selling triggered by retail investors in the public market. Whether this batch of 21,269 ETH about to be unlocked will become the next target for OTC or public market sales may influence ETH market sentiment in the short term. Treasury Policy Background: The goal is to "sustain itself through yields" In June 2025, the Ethereum Foundation released a new treasury policy framework, with the core goal of transitioning from "selling coins to support operations" to "living off staking yields." The framework sets that annual expenditures shall not exceed 15% of holdings, while maintaining at least 2.5 years of operating capital reserves. Based on the current staking scale, the EF's annual staking yield is estimated to be between $3.9 million and $5.4 million.

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