Analysis: The massive ETH queue for unstaking may be related to the sharp decline in Ethereum supply on Aave. According to on-chain analyst Ai Yi, the mass unstaking of 620,000 ETH may be linked to a large withdrawal of ETH deposits on the Aave platform, which has caused borrowing rates to soar. The significant withdrawal of Aave ETH deposits in a short time has led to skyrocketing borrowing rates, causing leveraged players who were previously profiting from the interest rate spread to incur losses, forcing them to redeem stETH to deleverage, leading to the current situation. Aave ETH borrowing APR once surged to 10%, and the current exit wait time for Lido stETH has been extended to 21 days (normally within a week), with on-chain stETH still trading at a nearly 0.4% discount to ETH. Regarding the implementation of leveraged lending, Aave's collateralization rate for ETH is 93%, meaning that arbitrage players can use up to 14 times leverage to obtain interest rate spread profits, with an annualized return on principal typically reaching ~7%. $ETH $AAVE $SAHARA