According to a Dune Analytics dashboard, the share of ETH deposited to the beacon chain through Lido middleware was at 29.1% at press time. The last time it was under 30% was in February 2023.On a year-to-date basis, Lido’s market share has dropped by 8%. This decline is due to a spike in withdrawals from the liquid-staking protocol in the last month.
Ranking as the staking platform with the most outflows in the last week, withdrawals from Lido have totaled 117,000 ETH at press time, valued at 35.69 million USD.Lido has witnessed a spike in withdrawals as the Annual Percentage Rate offered to users staking on the platform has dropped. A CMF value below zero is a sign of market weakness. It suggests a rally in liquidity outflow from the market and a spike in selling pressure.