According to BlockBeats, Jlabs Digital analyst Ben Lilly has highlighted that stETH is currently being withdrawn from Lido. Meanwhile, another lending protocol, Figment, is gaining market share from Lido, suggesting that Figment might be a staking partner for ETFs. Currently, 32% of stETH (wstETH) is used as collateral in lending protocols, and any decoupling could lead to liquidation within these protocols.

Notably, 278,000 wstETH are currently in a "high-risk" state, defined as having a health factor between 1 and 1.1 times.