Metalpha Withdraws $25.72 Million Worth of ETH From Lido

IconCryptoNewsTerminal Staff16 Aug, 2024

cryptonews.jpg

Metalpha Withdraws $25.72 Million Worth of ETH From Lido

Metalpha, a Hong Kong-based digital asset management company, recently made a request to unstake 10,000 ETH (approximately $25.72 million) on Lido. This brings Metalpha's total ETH withdrawals from Lido this month to 20,000 ETH. Out of this, a significant portion (6,895 ETH, valued at $17.57 million) was transferred to Binance over the last two days. Metalpha's recent withdrawals have sparked interest within the cryptocurrency community, as market analysts speculate on the reasons behind these large-scale transactions. Some observers believe that Metalpha may be preparing to liquidate its ETH holdings, while others suggest that the company could be repositioning its assets in anticipation of market changes. Regardless of Metalpha's motivations, the withdrawals highlight the growing adoption and usage of liquid staking platforms like Lido. Lido allows users to stake their ETH without losing custody of their assets, making it an attractive option for those seeking to earn rewards while maintaining flexibility.

Related News