Since August this year, Lido Ethereum staking has been in a net outflow state for 12 consecutive days, and Aunt Ai found that every consecutive net outflow of Lido after BTC ATH corresponds to a decline in the market💡📉

The net outflow from 08.01 to 08.12 was 74,304 ETH (worth 194 million USD), of which 08.12 alone had a net outflow of 31,104 ETH, accounting for 42% of the total outflow in 12 days; the data on 08.13 & 08.14 showed a slight recovery

1/ What does it mean when whales/institutions redeem ETH from Lido?

We certainly cannot exhaust all possibilities, but one thing is certain: people are willing to give up Lido staking income, often in order to pursue higher returns or avoid risks.

During the ReStaking craze, ETH was often seen circulating between major protocols, but as the enthusiasm for restaking faded and the market trend was sluggish, recent redemptions tended to be more "risk-averse"

2/ Recent representative ETH redemption events - Jump Trading

Since August, Jump Trading has redeemed 62,609 ETH from Lido, worth $177 million. You should know what happened next.

Jump transferred over $400 million of ETH to Coinbase, pushing ETH to its biggest drop since 2021 on 08.05 ($2697 > $2111), causing widespread grief.

3/ Recent representative ETH redemption events - Justin Sun

Sun Ge is an extremely representative ETH bull and smart money, adding more than 400,000 ETH in this bull market

On August 5, the day of the market crash, Sun applied for a redemption of 13,691.5 ETH on Lido, worth 31.76 million USD. From previous transaction records, it is not difficult to see that Sun rarely redeems Lido ETH in large amounts. The last time was when BTC was falling after hitting ATH.

4/ Data source

You can see the detailed data and changing trends of ETH deposits and redemptions on Dune's Lido data dashboard, and use it as one of the trading signals.

Portal 👉 https://dune.com/LidoAnalytical/Lido-Finance-Extended