Key Takeaways
LDO surged 9.91% in 24 hours to $1.28, with TVL hitting $38.17 billion. Open Interest rose to $273.66 million, Funding Rates stayed positive and huge net outflows – signaling strong accumulation by spot buyers.
Lido DAO [LDO] jumped 9.91% in the last 24 hours to trade at $1.28, at press time, according to CoinMarketCap.
The surge came alongside a 122.74% spike in 24-hour volume to $391.95 million, with Total Value Locked (TVL) climbing to $38.17 billion.
TVL reflects market sentiment among investors, based on the flow of funds in and out of the protocol.
From collapse to comeback
According to DeFiLlama, in January, TVL peaked near $35 billion before more than $20 billion exited the protocol, signaling a shift toward short-term positions.
The renewed surge in inflows shows that investors are locking assets into the protocol again, a net positive for the token.
In the past month alone, LDO has gained 45%, including a 10.23% rally in the past day, at press time, reinforcing a shift in investor confidence toward a bullish stance.
Off-chain data shows bullish bets on LDO
Off-chain metrics suggest investors are positioning for further gains, supplying liquidity in a pattern consistent with bullish sentiment.
Across the perpetual markets of multiple centralized exchanges, traders have turned more optimistic, with the aggregated Funding Rate hitting 0.0094% in the last 24 hours, at the time of writing, per CoinGlass.
A positive Funding Rate indicates that more contracts in the derivatives market are opened by long traders.
On top of that, Open Interest rose by $35 million to $273.66 million, marking a decisive uptick in bullish positions.
Spot buyers step in
Spot market sentiment has also flipped.
LDO recorded $1.71 million in net outflows from exchanges on the 10th of August, meaning tokens moved into private wallets. Not to mention, this is a clear accumulation signal.
If this pressure holds, LDO could aim for a break above $1.50, with $2 as the next technical target.
Performance update boosts sentiment
In its latest Q2 report, Lido DAO posted a modestly bullish outlook for its staking protocol.
The update highlighted growth in staked token distribution, reaching 478.7K stETH, while maintaining the largest share of staking in the public cloud.
This positive performance update may have played a key role in LDO’s recent rally and in shifting sentiment in the spot market toward a bullish bias.
