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Three Arrows Capital sells all staked Ethereum in a Wallet

On Friday, crypto hedge fund Three Arrows Capital liquidated all of its Staked Ethereum (stETH) holdings in one of its wallets. The failing 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 is still selling stETH.

Yesterday, Three Arrows Capital exchanged 5500 stETH for 6.1 million USDT from its wallet address 0x3ba21b6477f48273f41d241aa3722ffb9e07e247. 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 initially purchased 7000 stETH for 6.86 million USDT, and then purchased 7118 stETH for 6.79 million USDT.

Three Arrows Capital (3AC) has been consistently dumping stETH. In fact, most people believe Celsius is the biggest stETH dumper, whereas 3AC is. The crypto hedge firm is dumping stETH on all of their accounts and seed round addresses they have. 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 R288 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.

The price of Lido Staked Ethereum (stETH) has fallen below R15.9k once more.

Today, the price of stETH fell below R15.9k once more as crypto businesses continued to transfer stETH. The stETH price is now trading at R16 423at 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 last 24 hours.

Three Arrows Capital sells all staked Ethereum in a Wallet

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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