Analyst: rsETH hacker incident has significantly reduced ETH's leveraged demand in circulation

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ME News Report, May 18 (UTC+8), on-chain analyst Tom Wan pointed out on X platform that the utilization rate of ETH has now fallen below 90%, and the annualized lending rate (APY) has dropped to 1.9%. Since rsETH was attacked on the LayerZero cross-chain bridge, deposits of wstETH and weETH have decreased by approximately $1.2 billion and $1.76 billion, respectively. Currently, as the cyclical leverage strategy of wstETH/weETH relative to ETH becomes profitable again, market focus is on whether the demand for ETH’s cyclical leverage will re-emerge or if funds will continue to wait and flow into protocols like Spark and Morpho. (Source: MLion)

ETH-3.05%
ZRO-1.99%
WEETH-3.36%
SPK-3.68%
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