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There is data indicating that the Ethereum Foundation has unstaked WSTETH, and it seems to be getting a lot of attention in the market. According to Arkham’s monitoring, it appears that about $48.9 million worth of ETH was deposited into Lido’s unstETH contract. Once the unlock is completed, they will receive the actual ETH.
What matters from here is that everyone’s focus is on what the Foundation will do with this ETH. In the past, they have sold ETH multiple times to raise operating funds, so concerns are coming up that they might do it again. The logic is that withdrawing from staking could mean selling.
Looking at the overall Ethereum staking market, movements like this from large holders can have a pretty significant impact on prices. Since ETH is currently trading around $2.33K, if there were a large-scale sell-off, selling pressure would be unavoidable. The market is waiting to see the Ethereum Foundation’s next move.