Analysis: The 620,000 ETH batch unstaking event may be related to the large-scale withdrawal of ETH deposits on the Aave platform, which caused the borrowing interest rate to soar

By: odaily.com|2025/07/23 21:21:52
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Odaily News According to the analysis of crypto blogger darkpool cited by Ai Yi, an on-chain data analyst, the batch unstaking of 620,000 ETH may be related to the large-scale withdrawal of ETH deposits from the Aave platform, which caused the borrowing interest rate to soar. In a short period of time, the large-scale withdrawal of Aave ETH deposits caused the borrowing interest rate to soar. The revolving loan players went from profiting from the interest rate spread to losses, and were forced to redeem stETH to deleverage, which led to the current situation. The APR of Aave ETH borrowing once soared to 10%, and the current exit waiting period of Lido stETH has been extended to 21 days (normally within a week). The on-chain stETH exchange for ETH is still at a discount of nearly 0.4%.
Regarding the implementation of revolving loans, Aaves collateral rate for ETH is 93%, which means that arbitrage players can even use up to 14 times leverage to obtain interest rate spreads. Under normal circumstances, the annualized rate of return on the principal can reach 7%.
According to previous news, the amount of ETH to be staked and withdrawn reached 620,000, and the net redemption amount was approximately 271,000.

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