💸 On April 18th, the infamous day of the Kelp DAO exploit, Santiment data showed a large spike of $rsETH moving onto exchanges, with a net inflow of roughly +563 rsETH. This reaction made sense because traders were understandably feeling uncertain around the safety of the protocol and the value of rsETH. During major crypto exploits, investors often rush assets onto exchanges so they can quickly sell, swap into stablecoins, or reduce exposure before conditions worsen.

🤑 Nearly a month later, the opposite behavior has appeared. On May 15th (Friday), our data has recorded a net outflow of approximately -435 rsETH from exchanges shortly after Kelp DAO announced that rsETH withdrawals, bridging, and protocol operations have fully resumed. This outflow suggests that confidence is returning after the recovery process advanced and restrictions were lifted. Users are now moving rsETH back off of exchanges and back into self-custody wallets, staking platforms, and DeFi applications.

🔖 Keep tabs on how Kelp DAO Restaked ETH is moving on and off exchanges any time using this handy Santiment chart here!