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Stop selling, start staking—Ethereum Foundation has shifted to a long position?
After staking over $23k worth of ETH the day before yesterday, the Ethereum Foundation has again staked approximately $46.64 million worth of ETH, bringing the total staked amount to $96.59 million. Monitor Arkham stated, “The Ethereum Foundation has stopped selling ETH and has begun staking.”
Why are they no longer selling?
1. Market price makes selling “not worthwhile”
Previously, the foundation’s funding heavily relied on ETH sales. This model not only intensified market volatility but also led to a negative cycle of “selling tokens to sustain operations.” Their earlier behavior was also partly based on the expectation that ETH prices would fall in a bear market. Holding ETH without selling would see the market value shrink daily. However, since the bear market has now entered its mid-to-late stage, it’s clearly unwise to easily relinquish cheap tokens.
2. An inevitable choice for financial maturity
This transition marks the Ethereum Foundation’s move into financial maturity. As the Ethereum ecosystem continues to grow, the foundation’s operational costs keep rising. Relying solely on token sales is no longer sufficient to sustain long-term stable funding. Staking rewards are sustainable, capable of covering core operational expenses and providing stable funding for ecosystem development projects. This model not only enhances the foundation’s financial independence but also allows it to focus more on protocol development and ecosystem building.
Significance for the market
1. Sending a positive signal to market prices
Previously, the foundation was seen as a “sell signal” source because it sold ETH at high prices multiple times (such as the two “top-take” actions in 2021), raising concerns about the sustainability of the ecosystem’s funding chain. This staking move completely breaks that negative narrative, redefining “fundation using ETH” from liquidity clearing to “long-term value binding,” greatly easing market fears of official selling pressure and promoting ETH’s evolution from a “speculative token” to a “digital bond.”
Data shows that within 20 minutes of the staking announcement, ETH price surged from $2,020 to over $2,050, with a 24-hour increase exceeding 2.5%, indicating a positive shift in market sentiment.
2. Stabilizing effect of the staking market
Currently, the total ETH staked across the Ethereum network is about 36 million ETH, with a staking rate of approximately 30%. The foundation’s staking of 23k ETH accounts for only 0.064% of the total network staked ETH, but among individual entities, it ranks in the mid-to-upper range. This scale is enough for the foundation to act as a “stabilizer” in decentralized staking pools, enhancing its influence within the staking ecosystem.
More importantly, the foundation’s use of Distributed Validator Technology (DVT) and minority client staking sets an example for institutional investors in decentralizing staking. In the context of large custodians like Lido and Coinbase holding significant validator shares, the foundation’s practice helps promote diversification in the staking ecosystem and reduces centralization risks.
3. Enhanced network security
Although 23,000 ETH only accounts for about 0.064% of the total staked ETH (approximately 35.86 million ETH), as the most reputable entity in the decentralized staking ecosystem, it improves the stability and trustworthiness of the staking pool, indirectly encouraging more institutions and individuals to participate in staking. Moreover, staking directly increases the security of the Ethereum network. Under the Proof of Stake (PoS) mechanism, the more ETH is staked, the higher the cost for attackers to control the network.