Analysis of the reasons for bulk staking of 620000 ETH: Aave interest rate surge triggers deleveraging

According to Auntie Ai, in response to the recent concentrated de staking of 620000 ETH, blogger @ 0xdoge_bull inferred that Aave ETH deposits were heavily withdrawn in a short period of time, leading to a surge in borrowing rates. Circular loan players shifted from earning interest spreads to losses and were forced to redeem stETH to deleverage, ultimately triggering this large-scale de staking. In terms of data, the APR of Aave ETH borrowing once soared to 10%, and the waiting period for Lido's stETH exit was extended to 21 days. There was a nearly 0.4% discount on the exchange of stETH for ETH on the chain.