The Ethereum Foundation has moved to unwind part of its staking position just as it was approaching its stated goal of 70,000 staked ETH. On Saturday, the foundation unstaked 17,035 ETH worth approximately $40 million, depositing wrapped staked ETH into Lido's unstETH contract with the funds expected to be returned once the withdrawal queue clears. The move came after an aggressive staking campaign that began in February, starting with 2,016 ETH, followed by 22,517 ETH in March, and more than 45,000 ETH earlier this month — bringing the total to around 69,500 ETH, just shy of the internal target.

The foundation has not explained why it initiated the unstaking so close to its goal, and the silence has fueled community speculation. Critics were quick to suggest the move signals another round of selling, with one user noting that the biggest consistent seller of ETH has been the people who created it — a reference to the foundation's history of periodic ETH divestments to fund operations. Vitalik Buterin has previously cautioned that large-scale staking by the foundation carries governance risks, particularly around neutrality during contentious hard forks where competing chains might emerge — a concern that adds another layer of complexity to how the community interprets these treasury moves.