Ethereum Foundation unstakes 17K ETH after nearing 70K staked ETH milestone
The Ethereum Foundation unstaked over 17,000 ETH worth $40M shortly after approaching its 70,000 ETH staking target.
The Ethereum Foundation has moved to unwind part of its staking position shortly after nearing its stated goal of 70,000 staked ETH.
On Saturday, the Ethereum Foundation unstaked 17,035.326 ETH, worth roughly $40 million, according to Arkham data. The move involved depositing wrapped staked ETH (wstETH) into Lido’s unstETH contract, with ETH expected to be returned once the withdrawal queue completes.
In Ethereum, unstaking is the process of withdrawing ETH that was previously locked to help secure the network through validators. When ETH is staked, it’s deposited into the Ethereum Beacon Chain, where it remains locked while earning rewards. To unstake, a withdrawal request is initiated, and the funds enter a queue period after which the funds are released.