MEXCJust-In: Three Arrows Capital Liquidates All Staked Ethereum In A Wallet
Crypto hedge fund Three Arrows Capital liquidated all Staked Ethereum (stETH) holdings in one of its wallets on Friday. The hedge fund on the brink of insolvency has been selling its stETH and Ethereum (ETH) holdings recently to pay back debts and outstanding loans.
The consequences of Three Arrows Capital’s liquidation will be severe for the crypto market. The crypto market could possibly crash again, causing almost billions in liquidation.
Three Arrows Capital Continues To Dump stETH
Three Arrows Capital had swapped 5500 stETH for 6.1 million USDT yesterday from its wallet address 0x3ba21b6477f48273f41d241aa3722ffb9e07e247. After the transaction, the wallet address had nearly 14,118 stETH balance.
However, on June 17, Three Arrows Capital swapped the remaining 14,118 stETH for around 13.5 million USDT in two transactions. According to Etherscan data, the company first, 7000 stETH for 6.86 million USDT, and again, 7118 stETH for 6.79 million USDT.
Three Arrows Capital (3AC) has been dumping stETH continuously. In fact, people think Celsius is the biggest stETH dumper, but it’s 3AC. The crypto hedge fund is dumping stETH on every account and seed round address they have. The company has reduced its Ethereum as well as stETH holding massively in the last 2 months.
Some of the companies, such as BlockFi, have started selling their positions in Three Arrows Capital. Moreover, several companies related to 3AC are experiencing problems in operations. These also remain under liquidation risks. For instance, Finblox, a CeFi company, has paused reward distributions because of 3AC’s volatility.
With potentially having $18 billion under management, Three Arrows Capital’s insolvency could be catastrophic for crypto.
Users should also keep eye on other holdings of Three Arrows Capital such as Bitcoin, Solana, Kusama, Avalanche, Polkadot, and others. If the financial constraints elevate further, these tokens will be dumped.
Lido Staked Ethereum (stETH) Price Again Falls Under $1000
stETH price has again fallen under the $1000 level today as crypto firms continue to swap stETH. At the time of writing, the stETH price is currently trading at $1,027, down nearly 4% in the last 24 hours. Meanwhile, the stETH to ETH ratio is now 0.93, decreased in the last 24 hours.
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