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The Ethereum Foundation deposited 811 wstETH into Lido’s withdrawal contract through 271 batched transactions. After the standard processing delay and Lido’s unlock cycle, the tokens are expected to convert into liquid ETH.
The foundation executed the move using 271 separate, batched on-chain calls. Each call contributed to a combined deposit of 811 wstETH into Lido’s unstETH withdrawal contract. Once Lido completes the unlock cycle, the wstETH is expected to release as liquid ETH to the foundation’s wallet.
Blockchain intelligence firm Arkham was among the first to report the transfer publicly on X, stating that the Ethereum Foundation deposited wstETH into the Lido unstETH contract.
“The Ethereum Foundation is unstaking $48.9M ETH. They just deposited WSTETH to the Lido unstETH contract and will receive unstaked ETH once the unlocking process is completed.”
The use of 271 batched transactions indicates a measured withdrawal approach. Batching can help manage network conditions and keep the sequence of actions organized and traceable, allowing each step within the broader set to be monitored.
The withdrawal comes shortly after the foundation pushed to stake up to 70,000 ETH for yield. Even after this move, the foundation still holds over 100,000 ETH in unstaked form, with additional ETH remaining staked through other positions.
In that context, the 811 wstETH being withdrawn is described as only a fraction of the foundation’s overall reserves. The event is also framed as consistent with active treasury management and rotation between staked and liquid holdings.
Despite the withdrawal, ETH was reported to be trading around $2,319, with no major price movement at the time of reporting. The article also notes that the Ethereum Foundation had not issued a statement clarifying its plans for the retrieved assets.
Reactions among observers were mixed. Some characterized the transaction as straightforward portfolio rebalancing, while others expressed concern that unlocked ETH could eventually reach the open market and contribute to sell pressure.
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