Ethereum Foundation locks $46 mln in ETH – Here’s why the market isn’t reacting

In a recent turn of events, and as reported by Akrham, the Ethereum Foundation has made its biggest Ethereum [ETH] move yet. As per on-chain data, the former has staked around 15,000 ETH, which is around $46.2 million, into the network.

Source: Arkham/X

Now, while such moves often have a direct impact on the price of the asset being staked. In this case, things are different.

Ethereum Foundation stakes ETH – What for?

The Ethereum Foundation has staked this huge amount of ETH for generating on-chain yield. This means that this move won’t have a direct impact on ETH’s price. Instead, it would help in reducing short-term selling pressure from ETH.

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For those unaware, this move marks a major step ahead in the Foundation’s goal to stake up to 70,000 ETH. This move coincided with the largest altcoin trading at $2059 at press time, showing a 2.8% increase in the past 24 hours.

Additionally, the RSI sitting near the neutral zone and price volatility, seeing a drop in momentum, suggests that ETH might be in an equilibrium phase with no strong pull from buyers or sellers.

Source: Santiment

However, with the Crypto Fear and Greed Index still in the “Extreme Fear” zone, things are still uncertain.

Source: Alternative

Ethereum is not alone

Needless to say, Ethehem is not the only one riding this boat. Bitcoin, despite its volatile price action wherein it just closed near the $75,000 mark and is now back to $67,000, has its staking game unhindered.

Source: Staking Rewards

Simply put, long-term holders are not getting affected by short-term noise and are focused on getting maximum return even in uncertain times by using staking as their game plan.

** Final Summary **

• _The Ethereum Foundation joins the race to become a leader in the Ethereum staking ecosystem. _
• _Muted RSI and “Extreme Fear” conditions hint at cautious investor sentiment as institutions play the long game. _