【Analysis: The Massive ETH Unstaking Queue May Be Related to the Sharp Decline in Ethereum Supply on Aave】According to a report by Jinse Finance, on-chain analyst Ai Yi analyzed that the bulk unstaking of 620,000 ETH may be related to the large withdrawals of ETH deposits on the Aave platform, which caused borrowing rates to soar. The massive withdrawal of Aave ETH deposits in a short period led to skyrocketing borrowing rates, forcing circular loan players, who previously profited from interest rate spreads, to incur losses and redeem stETH to deleverage, resulting in the current situation. Aave's ETH borrowing APR once soared to 10%, and the waiting period for Lido's stETH withdrawal has now been extended to 21 days (normally within a week), while the on-chain exchange rate of stETH to ETH still has a discount of nearly 0.4%. Regarding the implementation of circular loans, Aave's collateralization ratio for ETH is 93%, meaning that arbitrage players can even use up to 14 times leverage to gain interest rate spread profits, with an annualized return on principal typically reaching ~7%.