Babylon Bitcoin Staking Protocol Experiences $1.26 Billion Unstaking Event

A significant withdrawal from the Bitcoin staking protocol Babylon took place on April 17th, resulting in approximately $1.26 billion worth of Bitcoin being unstaked. Blockchain analytics firm Lookonchain identified four addresses responsible for this large-scale movement, with one accounting for nearly half of the total value. This substantial unstaking event has led to a 32% drop in Babylon’s Total Value Locked (TVL) and caused the protocol’s market value to decline.