According to Foresight News, an analysis by X blogger darkpool suggests that the mass unstaking of 620,000 ETH may be linked to significant withdrawals from the Aave platform, which have caused borrowing rates to spike. The rapid withdrawal of ETH deposits from Aave led to a sharp increase in borrowing rates, forcing leveraged players to redeem stETH to reduce their leverage. This situation resulted in Aave's ETH borrowing annual percentage rate (APR) soaring to 10% at one point.
Additionally, the exit waiting period for Lido stETH has now extended to 21 days, whereas it typically takes less than a week. On-chain exchanges of stETH for ETH are currently facing a discount of nearly 0.4%.
