{"id":66798,"date":"2022-09-07T11:07:00","date_gmt":"2022-09-07T08:07:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66798"},"modified":"2025-09-07T03:15:07","modified_gmt":"2025-09-07T00:15:07","slug":"three-arrows-capital-pulled-33-million-in-steth-from-curve-liquidity-pool","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/three-arrows-capital-pulled-33-million-in-steth-from-curve-liquidity-pool\/","title":{"rendered":"Three Arrows Capital pulled $33 million in stETH from Curve liquidity pool"},"content":{"rendered":"<p>Linked to the <a href=\"https:\/\/forklog.com\/en\/news\/british-virgin-islands-court-orders-liquidation-of-three-arrows-capital\">bankruptcy procedure<\/a> of the cryptocurrency hedge fund Three Arrows Capital (3AC), the address withdrew 20,945 <a href=\"https:\/\/forklog.com\/en\/news\/what-is-lido\">stETH<\/a> (~$33 million) from the liquidity pool in<a href=\"https:\/\/forklog.com\/en\/news\/what-is-curve\"> Curve Finance<\/a>.<\/p>\n<p>The wallet still holds 9,400 ETH, 20,945 ETH and other assets worth $57.86 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Address marked by Nansen as Three Arrows Capital (0x23<br \/>\u20268143) has removed ~20,945 stETH (~$33 million) from Curve. The address currently holds 9,400 ETH, 20,945 stETH and other tokens, worth a total of $57.86 million.<a href=\"https:\/\/t.co\/gKpgXc4g4P\">https:\/\/t.co\/gKpgXc4g4P<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1567126078992576513?ref_src=twsrc%5Etfw\">September 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Adam Cochran, a partner at venture firm Cinneamhain Ventures, noted that against the backdrop of <a href=\"https:\/\/forklog.com\/en\/news\/aave-community-backs-pause-on-borrowing-in-ethereum-ahead-of-the-merge\">pause<\/a> in Aave borrowing on Ethereum ahead of The Merge, many users have begun closing positions in Curve, which could be a remake of the <a href=\"https:\/\/forklog.com\/en\/news\/lidos-tokenized-ethereum-platform-falls-5-vs-the-original\">events of the summer this year<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Aave pausing ETH markets causing Instadapp to unwind massively in the stETH\/ETH pool, and 3AC pulled their pool liquidity making it worse\u2026<\/p>\n<p>Did I just wake up back in July?<\/p>\n<p>Is the next leg down really going to be the exact same trade unwinding!?<\/p>\n<p>\u2014 Adam Cochran (adamscochran.eth) (@adamscochran) <a href=\"https:\/\/twitter.com\/adamscochran\/status\/1567334455341203456?ref_src=twsrc%5Etfw\">September 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>An analyst under the pseudonym DeFiyst reported that the borrowing rate on Ethereum rose from 10% to 20%, putting pressure on the stETH\/ETH price. The situation could be worsened by the imminent sale of 3AC&#8217;s \u201cstaked Ether\u201d.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u00abIt hurts to be in one of these strategies right now\u00bb,<\/em> \u2014 wrote he.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Within 10 hours of this vote passing, ETH utilization has already ticked up another 2.5% (doubling the borrow APR from 10%->20%, and stETH\/ETH is down 0.2%.<\/p>\n<p>Painful to be in one of these strategies right now.<\/p>\n<p>And there\u2019s still 13hrs to go until Aave WETH borrow is paused. <a href=\"https:\/\/t.co\/diHysVRCc7\">https:\/\/t.co\/diHysVRCc7<\/a> <a href=\"https:\/\/t.co\/E4ngmPDnN6\">pic.twitter.com\/E4ngmPDnN6<\/a><\/p>\n<p>\u2014 DeFiyst (@DeFiyst) <a href=\"https:\/\/twitter.com\/DeFiyst\/status\/1567110789638623233?ref_src=twsrc%5Etfw\">September 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The stETH discount to ETH on Curve widened to 4.15%. Analyst Colin Wu did not rule out interest in profiting from potential PoW forks of the second-largest cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The stETH exchange price on Curve has dropped to 0.9585 ETH. There are currently 155,860 ETHs (accounting for 22.72%) and 530,141 stETHs (accounting for 77.28%) in the current pool. There may be some demand for receiving forked airdrops. <a href=\"https:\/\/t.co\/8y3bNNEX3m\">https:\/\/t.co\/8y3bNNEX3m<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1567360559712174082?ref_src=twsrc%5Etfw\">September 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, Nansen&#8217;s CEO Alex Svanevik detected a substantial inflow of \u201csmart money\u201d into staking versions of ETH \u2014 stETH, aSTETH, cbETH, icETH \u2014 and the withdrawal of blocked stETH on Aave.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">interesting smart-money flows around ETH staking tokens<\/p>\n<p>stETH, aSTETH, cbETH, icETH, \u2026 <a href=\"https:\/\/t.co\/wmjDWL98p6\">pic.twitter.com\/wmjDWL98p6<\/a><\/p>\n<p>\u2014 Alex Svanevik \ud83d\udc27 (@ASvanevik) <a href=\"https:\/\/twitter.com\/ASvanevik\/status\/1567344139636977666?ref_src=twsrc%5Etfw\">September 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As reported, Ethereum developers planned the migration of the mainnet to the Proof-of-Stake algorithm around September 15.<\/p>\n<p>On September 6 they <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-developers-narrow-the-timeline-for-the-switch-to-proof-of-stake\">activated the Bellatrix upgrade<\/a>. The upgrade is the final step before The Merge.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Linked to the bankruptcy proceedings of the crypto hedge fund Three Arrows Capital (3AC), the address withdrew 20,945 stETH (~$33 million) from the Curve Finance liquidity pool.<\/p>\n","protected":false},"author":1,"featured_media":66799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1426,46,1352],"class_list":["post-66798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-curve-crv","tag-ethereum","tag-three-arrows-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66798"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66798\/revisions"}],"predecessor-version":[{"id":66800,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66798\/revisions\/66800"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66799"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}