LSDs and Post-Shapella ETH Accumulation
With Lido V2, which enables user withdrawals, going live yesterday and failing to have any impact on withdrawal volume, the total amount of ETH locked on the Beacon Chain continues to climb to new highs. This has shown that the elimination of unstaking risks has outweighed the potential selling pressure from withdrawals, resulting in Smart Money accumulating ETH and various LSD tokens in a shift of sentiment post-upgrade.
Lido's ecosystem dominates today's Smart Money inflow dashboard, as stETH, LDO, and wstETH all topping the charts today, with $4.52m, $4.08m, and $1.02m increase in Smart Money holdings. Although, LDO's increase in Smart Money balance was primarily due to...