New treasury activity from the Ethereum [ETH] Foundation has fueled a new conversation. It has also fueled some uncertainty, even though supply conditions still seem fairly tight. Ethereum Foundation unstakes nearly 70K ETH The Ethereum Foundation recently unstaked 21,270 ETH. That's nearly 30% of the 70,000 ETH it had recently committed to staking. This happened soon after they completed deployment of the treasury staking strategy from earlier this year. The timeline is interesting. In January 2025, they said they were exploring staking options. By June, a treasury policy described deployments as “long-term.” The Ethereum Foundation began staking the first treasury tranche in February 2026. Further confirmation came in April, that it had fully deployed all 70,000 ETH. Now, barely a month later, it has already withdrawn a big portion of those holdings again. Ethereum supply is still tight Unstaking simply moves ETH back into a liquid wallet. Worth noting, however, that on-chain data alone does not confirm the Ethereum Foundation’s next step. In fact, the market reaction earlier this week was linked more closely to the Ethereum Foundation’s separate sale of 10,000 ETH rather than the unstaking itself. For instance - Exchange reserves have continued to fall to multi-year lows, with only around 14.5 million ETH left on exchanges. More than 2.3 million ETH have also been withdrawn from exchanges since the start of 2026. Is ETH's pace weakening? With all that in mind, the native token has struggled to build a better pace lately. ETH's RSI was near-neutral, with the MACD in negative territory. At the time of writing, short-term momentum was still weak despite ETH holding above the $2,300-range. Put simply, the market seemed to be waiting with bated breath. Much now depends on where the recently unstaked ETH moves next. If the funds stay inside treasury-related wallets, concerns could ease. However, any movement towards exchanges would likely increase fears of selling in the near term. Final Summary Ethereum Foundation unstaked 21,270 ETH. Despite treasury activity, Ethereum supply has been tight with only 14.5M ETH left on exchanges.
Ethereum Foundation just unstaked $49M in ETH – Should you be worried?
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