The Ethereum Foundation has withdrawn $48.9M in ETH through Lido Finance

TLDR:

The Ethereum Foundation placed 811 wstETH in the Lido exit contract with 271 organized transactions.
Despite a $48.9 million move, ETH remained flat at $2,319, showing no immediate selling pressure in the markets.
The Foundation will still retain more than 100,000 ETH in liquid form and additional stock holdings beyond this withdrawal.
Arkham reported the transaction on X, asking if the foundation plans to sell the unlocked ETH after the release.

The Ethereum Foundation has begun liquidating approximately $48.9 million worth of ETH through Lido Finance.

The operation used 271 batch transactions to deposit 811 wstETH tokens in the Lido withdrawal contract. After a normal processing delay, those tokens will be converted into liquid ETH.

This move comes shortly after the foundation pushed to produce up to 70,000 ETH. The foundation still holds more than 100,000 ETH unsold and additional remaining stake. ETH prices remain at $2,319.

How the Ethereum Foundation configured withdrawal

The Ethereum Foundation executed the transaction using 271 separate, chained calls. Each call contributed a total of 811 wstETH tokens to the Lido unstETH withdrawal contract. Once Lido completes its unlock cycle, tokens will be released as liquid ETH to the foundation's wallet.

Blockchain intelligence firm Arkham was one of the first to publicly report the transfer.

He added that the foundation will accept ETH after the opening process is complete. Arcam also posed a question that caught the attention of the community: “Are you going to sell this ETH as well?”

In particular, the use of 271 structured transactions reflects a measured and organized withdrawal strategy. Large players on the chain typically use batting to avoid congestion and track transactions.

Batting enables tracking of every step in a broad set of transactions. This level of structure refers to deliberate Treasury action rather than impulsive action.

Market reaction and the foundation's broad ETH position

Despite the withdrawal, the Ethereum Foundation maintains a large ETH position in both liquid and held holdings.

The foundation holds no more than 100,000 ETH in non-tradable form, and additional ETH will be held in other positions. 811 wstETH was taken only a fraction of the total storage.

This uninterrupted event follows the foundation's recent push to produce up to 70,000 ETH. Viewed alongside that strategy, the current exit appears consistent with active treasury management.

Rather than indicating that there is a desire to sell, the move indicates a continued rotation between the stock and liquid positions.

Community reaction, however, was divided. Some observers see the transaction as balanced within a larger portfolio. Others worry that the unlocked ETH could eventually reach the open market under selling pressure.

However, ETH held its ground around $2,319 without any major price movement. The Ethereum Foundation has yet to issue a statement explaining its plans for the pooled assets.