The Block data shows that the proportion of ETH supply pledged has reached an all-time high of 27.95%, and the proportion of ETH pledged has increased by 1.9% since the launch of the spot Ethereum ETF. In addition, since ETH reached a high of around $4,090 in March, its price has fallen by about 30%, however, in the same period, the proportion of ETH pledged has increased by about 2%, from 26% to nearly 28%. TVL in the liquidity pledged area has grown by 60% so far this year, from $32.68 billion to $52.27 billion. TVL in the liquidity re-pledged area has increased by more than 1,200% in the same period, from $1.34 billion to $18.65 billion.