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Liquid staking has emerged as one of the least successful sectors in the cryptocurrency market over the past 24 hours, experiencing a decline exceeding 6%, as reported by CryptoSlate.
Data from CryptoSlate indicates that all seven projects within this sector dropped by over 2%, with three of them—Lido (LDO), Rocket Pool (RPL), and pSTAKE Finance (PSTAKE)—witnessing declines greater than 6% each.
Source: CryptoSlate
Over the past week, these protocols have experienced a 13% reduction in their values, suggesting that the ongoing sell-off has persisted for several days.
Earlier this year, liquid staking derivatives (LSD) platforms garnered significant interest as the market geared up for Ethereum’s Shapella network upgrade, which would facilitate the withdrawal of staked tokens.
Lido, Rocket Pool decline over 6% as large holders liquidate assets
Blockchain analysis firm Lookonchain reported that a whale—Blockchain Capital—realized over $2 million in profit from the sale of liquid staking tokens. According to Lookonchain, the whale disposed of 1.5 million LDO tokens for $2.52 million and 65,352 RPL tokens for $2.9 million.
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Other significant LDO holders, including MakerDAO founder Rune Christensen and Dragon Fly, also sold more than 500,000 units of the token on April 10, as noted by Lookonchain.
Arkham Intelligence, a blockchain analytics company, observed increased activity in LSD tokens. The firm reported that a wallet associated with crypto trader Sisyphus recently sold LDO tokens valued at $400,000.
Lido and Rocket Pool rank among the top three leading liquid staking platforms in the industry. According to DeFillama data, over 6.5 million ETH—valued at $12.64 billion—have been locked in these two protocols.
Other LSD tokens
In the meantime, Frax Share’s FXS experienced a decline of approximately 3%, trading at $8.61642 at the time of this report. Other protocols such as StakeWise (SWISE), ANKR, and Stafi (FIS) also recorded losses in the last 24 hours. Overall, the market capitalization of the crypto tokens in this sector stands at $3.8 billion as of the latest update.
According to DeFillama data, the top 10 liquid staking protocols—excluding Marinade Finance—saw their total value locked (TVL) decrease by an average of 2% in the past 24 hours.
The post Whales sell liquid staking tokens as Ethereum Shappella upgrade nears appeared first on CryptoSlate.
