The troubled crypto lender has recently placed $745 million worth of ETH into staking contracts within the past 48 hours, further straining the already extensive waiting period for deploying new validators onto the Ethereum network.
According to cryptocurrency analysts, the surge in ETH staking can be largely attributed to deposits from institutional staking platforms and the reinvestment of rewards.
According to preliminary data, the major staking platforms catering to institutional investors have reported a three-fold increase in new deposits compared to the previous month.
Following the Ethereum Shanghai upgrade, Ether has experienced a surge of over 9%, becoming the focal point of crypto markets during the week. Meanwhile, Bitcoin maintained its position above $30,000 with unwavering stability.