Three Arrows Capital has continued to dump staked Ethereum (stETH) as the price falls under $1000.
On Friday, crypto hedge fund Three Arrows Capital liquidated all of its Staked Ethereum (stETH) holdings in one of its wallets. The insolvent hedge fund has lately sold its stETH and Ethereum (ETH) holdings to pay off debts and outstanding loans.
The crypto market will suffer as a result of Three Arrows Capital’s liquidation. The cryptocurrency market might crash again, incurring billions of dollars in liquidation.
Three Arrows Capital exchanged 5500 stETH for 6.1 million USDT from its wallet address 0x3ba21b6477f48273f41d241aa3722ffb9e07e247 yesterday. Following the transaction, the wallet address had a balance of almost 14,118 stETH.
Three Arrows Capital, on the other hand, exchanged the remaining 14,118 stETH for about 13.5 million USDT in two transactions on June 17. According to Etherscan data, the corporation purchased 7000 stETH for 6.86 million USDT, then 7118 stETH for 6.79 million USDT.
Three Arrows Capital (3AC) has been consistently dumping stems most people believe Celsius is the largest stETH dumper, how,ever it’s 3AC. The crypto hedge firm is dumping stETH on all of their accounts and seed round addresses. In the previous two months, the corporation has significantly cut its Ethereum and stETH holdings.
Some of the companies, like BlockFi, have begun to sell their stakes in Three Arrows Capital. Furthermore, some 3AC-related companies are facing operational difficulties. These are still at risk of liquidation. Because of 3AC’s volatility, Finblox, a CeFi firm, has suspended reward disbursements.
Three Arrows Capital’s insolvency might be disastrous for cryptocurrency, with up to $18 billion under control.
Users should also keep a watch on Three Arrows Capital’s other assets, which include Bitcoin, Solana, Kusama, Avalanche, Polkadot, and others. If financial limitations worsen, these tokens will be disposed of.
Today, the price of stETH fell below $1000 once more as crypto businesses continued to transfer stETH. stETH price is now trading at $1,027 at the time of writing, down roughly 4% in the last 24 hours. Meanwhile, the stETH to ETH ratio has dropped to 0.93 in the previous 24 hours.
