extended abstract we report on work in progress carried out within the framework of the NWO project Realising Optimal Sharing. Instead of discussing optimal reduction in the λ-calculus, however, here we are concerned with a static analysis of λletrec-terms which aims at removing β-redexes that are concealed by recursion constructs and cause cyclic migration of arguments during evaluation. We have to stress that our research on this particular topic is still in an early phase.