Ethereum Network ETF Collateralization Rate Has Continued to Decline Since Mid-November 2024

The Block data shows that the current ETH pledge ratio has dropped to 27%, falling back to the level of July 2024. This is the first trend decline since the peak of 29% at the end of 2024, and the first decline since staking became popular in May 2023. Liquidity pledge derivatives (LSD) continue to dominate the Ethereum staking ecosystem. Lido remains the dominant liquidity pledge protocol, controlling about 69% of the LSD market. Binance's pledged ETH ranks second, with a market share of about 15%, indicating a high concentration among major providers. While Ethereum continues to serve as a key infrastructure for DeFi and NFT, market attention has recently shifted to other protocols and ecosystems. This trend may reflect investors seeking to achieve higher returns in other ecosystems and protocols, or reducing staking positions to participate in other market opportunities.