In early November, Lido stETH saw a surge in whale activity, with daily trading volume exceeding 630 transactions and each transaction valued at least $100,000, reaching the highest sustained level since April. Large traders are restructuring their leverage and adjusting their risk exposure around the $2,100 price level.
High lending activity indicates that stETH is being used extensively as collateral to borrow ETH and other assets, allowing whales to release funds while maintaining their collateral exposure.
The market needs to pay attention to the performance of ETH/stETH around $2100 and the daily trading volume of over 500 whale trades. If the price maintains this level and recovers $2200, it will support a rebound in risk appetite; if it falls below $2050 and leverage remains high, it will increase the risk of liquidation. (Santiment)
