Kraken unlocks $107M in ETH from EigenCloud

U.S.-based crypto exchange Kraken has unlocked 50,656 ETH, worth $107.62 million, from the Ethereum restaking platform EigenCloud, formerly known as EigenLayer. On-chain analyst EmberCN noted that Kraken unstaked the funds approximately 11 hours ago, commenting that the restaking bubble has burst too quickly. The analyst explained that while the total value locked (TVL) in restaking protocols was $31 billion last August, it has now decreased to around $11 billion. Specifically, the TVL in EigenCloud, once the leader in the restaking sector, has plummeted from $22 billion to $5.5 billion.