ETH staking continues to grow steadily, outpacing supply increase 
(2024/4/21 → 2025/4/21)
- Total ETH Supply: 120.08M → 120.71M (+0.52%)
- Staked ETH: 32.43M → 34.30M (+5.77%)
- Staking Share: 27.00% → 28.42%
The Ethereum Staking Market is Undergoing Significant Changes
(2024/4/21 → 2025/4/21)
- Lido’s dominance continues to weaken with a notable market share decline (-2.45%)
- Binance and Ether.fi emerge as the biggest winners with substantial growth (+2.89% and +2.80%)
- Renzo experiences the most severe market share erosion (-1.84%)
- Coinbase, the second-largest staking provider, also faces share reduction (-1.99%)
Market Structure Transformation
From “Passive Yield” to “Active Strategy” Evolution
- Lido’s share decline (-2.45%) ≠ Reduced staking demand
- User preference shifting from single staking to diversified DeFi strategies
Lido’s Net Outflow Highlights Investor Shift to Other Opportunities
(2024/4/22 → 2025/4/21)
- Net staking decrease of 52.3K ETH, indicating declining user engagement
- Total withdrawals (1.98M ETH) significantly exceed new deposits (1.67M ETH), with a withdrawal/deposit ratio of 119%
- Principal withdrawals account for 86.6%, showing users aren’t just claiming rewards but massively withdrawing investments
Lido Withdrawals: Whales & Protocols Lead Exodus 
(2024/4/22 → 2025/4/21)
Whale Dominance
105 whale non-contract addresses (each withdrawing >$10M worth of ETH from Lido) withdrew 40% of all ETH (~2.19M ETH, $3.45B)
Key Protocol Withdrawals
- Blast: 11.85% (647,606 ETH, ~$1.02B)
- Puffer: 9.37% (511,954 ETH, ~$808.16M)
- Origin Protocol: 7.20% (393,577 ETH, ~$621.29M)
Lido Whale Withdrawal Analysis: Fund Flows and Usage Strategies
(2024/4/22 → 2025/4/21)
Core Data
- Tracked 105 whale addresses making large withdrawals (>$10M) from Lido
- Total redeployed funds: 11.97M ETH ($18.9B)
- Total net inflow: 439,340 ETH ($693.5M)
Main Destinations
- Non-Contract Addresses: 31.94% (3.82M ETH)
- Aave v3: 17.37% (2.08M ETH)
- Spark Protocol: 10.61% (1.27M ETH)
- Compound V3: 2.96% (354K ETH)
Lending Protocols Dominate (30.94% of funds)
- Bridge-type: Spark/Compound (<1% retention) - ETH used as collateral, immediately borrow stablecoins
Balanced-type: Aave (19.74% retention) - Comprehensive lending platform, partial ETH retained as collateral
Key Conclusions
- Institutional Multi-Protocol Strategy: ETH primarily used as collateral, actual operations involve stablecoins
- Highly Active Capital: 3.67% retention rate reflects sophisticated fund management
- Strategy Rebalancing: Lido net outflow (-256.06% retention) shows whales shifting from passive staking to active DeFi strategies
Institutional Liquidity Demand Analysis
- 86.6% principal withdrawals + 3.67% retention rate = Strong demand for immediate liquidity
- Spark Protocol 1-7 day rapid turnover = Arbitrage and capital rotation toolification
Competitive Landscape Reshuffling
- Binance/Ether.fi rise → More flexible product designs gaining favor
- Lido needs to shift from “scale advantage” to “product innovation”
Disclaimer: Analysis based on ETH/WETH flows, actual strategies involving substantial stablecoin operations not fully reflected
Whale Lido Withdrawals and Spark Protocol Interaction Case Study
Core Trading Pattern
- Cycle Process: Deposit WETH → Borrow DAI → Repay DAI → Withdraw WETH
- Asset Preference: Primarily using WETH as collateral, with small amounts of wstETH/weETH
- Borrowing Characteristics: Almost exclusively borrowing DAI, with transaction cycles typically lasting 1-7 days
- Typical Case: In January 2025, a whale deposited $364M worth of ETH, borrowed $171M DAI, quickly repaid it and withdrew most of the collateral
Key Insights
This efficient liquidity utilization pattern demonstrates that Spark Protocol has become an important tool for professional traders to quickly access capital for market arbitrage. While this generates significant transaction volume, it also results in shorter asset retention periods on the platform, reflecting DeFi users’ preference for flexible capital allocation to optimize their overall investment portfolios.
Core Trend Summary
- ETH Staking Enters 2.0 Era: From simple staking to composite strategies
- Institutional Capital Dominance: Large funds pursue efficiency maximization, driving inter-protocol arbitrage
- Liquidity Premium: Protocols offering better liquidity solutions gain competitive advantage
Data Dashboard
For complete data analysis and visualization charts, please check our Dune Analytics dashboard:
Lido Whale Withdrawal Analysis Dashboard
Contact
For any questions or discussions, feel free to reach out:
Twitter: @WalleDAO
This analysis is based on on-chain data and aims to provide insights for DeFi ecosystem participants. Investment involves risks, please make decisions carefully.