According to ChainCatcher, on-chain analyst @ai_9684xtpa monitored that asset management company Metalpha applied to Lido to redeem 10,000 ETH worth $25.72 million in the past 40 minutes.

Since August, the institution has redeemed a total of 20,000 ETH from Lido, of which 6,895 of the last 10,000 ETH redeemed have been deposited into Binance in the past two days, worth $17.57 million, and are suspected of being sold.