Three Arrows Capital was blown up yesterday (14) to clear its 56,600 stETH holdings, with a market value of about $68 million, and sold 17,800 of them for $20 million. Since May 10, Three Arrows Capital has sold 162,629 ETH, and yesterday the founder Zhu Su deleted the ETH from the agency, but today Zhu Su responded that he was actively solving the company’s problems. (Recap:Leave BTC alone!Three Arrows Capital founder Zhu Su deletes ETH, AVAX, SOL and other tokens from Twitter) (background supplement:Ethereum Whale｜Three Arrows Capital transferred “more than 139,000 ETH” to exchanges in May)
The Singapore-based cryptocurrency hedge fund “Three Arrows Capital” was reported to have liquidated its 1.7780.08 stETH holdings yesterday (14th), and sold all of them to USD 200 million in DAI.
According to the blockchain browser, the internal wallet address marked as Three Arrows Capital used the transaction aggregator CowSwap at around 5:51 pm on the 14th to exchange 17780.08 stETHs for 16625.07 ETHs, and finally exchange all of them for 19,999,892.357 DAI, the trading market value is about 20 million US dollars, and the average transaction price of Ethereum is 1202.99 US dollars.
At about the same time, another wallet address marked as Three Arrows Capital was also found to have exchanged all 38,900 stETH to 36,718.64 ETH, with a conversion ratio of 0.9446. A total of 56,600 stETHs flowed to the market, worth $68,231,500.
Zhu Su, founder of Three Arrows Capital, tweeted today to respond to the reasons for the recent large-scale clearing of stETH and ETH, as well as market rumors that the company has liquidity problems:
We are in communication with the relevant parties and are fully committed to resolving this issue. – Zhu Su
Just tweeted a few days ago that stETH is fine
Interestingly, Zhu Su tweeted and shouted at the market on June 12, saying that stETH and LIDO ecology are the most reliable sources of income for Ethereum, but only two days later, about 56,600 stETH of Three Arrows Capital was exchanged for 53,343.64. ETH, of which 17,800 have been exchanged for 200 million US dollars, which also made some netizens think that Zhu Su was hyping stETH that day and dumping:
❤💛💚💙Translation: they’re selling all their crypto and investing in a turnip farm https://t.co/7VAyztkRwB
— yourfriendSOMMI (@yourfriendSOMMI) June 15, 2022
162,600 Ethereum sold recently
According to previous reports from the dynamic zone, Three Arrows Capital sold a total of 139,004 Ethereum in May, and on June 7, it transferred 7,000 ETH to the FTX exchange, plus the 16,600 pieces sold yesterday (14), A total of 162,629 ETH have been sold since May 10th.
The day before yesterday, Zhu Su, the founder of Three Arrows Capital, deleted the ETH description in his personal profile, leaving only the word BTC, which once caused heated discussions in the community.
How serious is the risk of stETH when institutions withdraw from Lido and sell off?
The CEO of Three Arrows Capital sweeps away the bear market haze: During the largest cryptocurrency rally in history in 2017, the Fed raised interest rates 3 times
Three Arrows denied that they bought “140,000 ETH call options” and transferred 40 million magnesium ETH to the exchange! Peter Brandt: Bitcoin may not have bottomed out yet
Make the Telegram news channel of the dynamic zone powerful again! ! Join now to get first-hand blockchain, cryptocurrency news coverage.
LINE and Messenger serve you from time to time