Lido staked ether selloff continues as larger holder unloads 56,000 stETH

Quick Take

  • The liquidity for staked ether (stETH) swaps continues to shrink amid more large selloffs by major token holders.
  • The price of stETH is now trading at almost a 7% discount on the price of ether (ETH).

The Lido staked ether (stETH) token discount has deepened further following a large selloff of the token by a major holder.

On-chain data from Etherscan show wallet addresses, labeled as Three Arrows Capital in a tweet from PeckShield, selling over 56,000 stETH for ether (ETH). One transaction involved a 17,780 stETH swap for 16,625 ETH which was converted to the dai (DAI) stablecoin for $20 million.

Another batch of selling involved 38,900 stETH swapped for 36,718.64 ETH. This trade happened from another wallet labeled as 3AC. The wallet in question still holds over 19,600 stETH as of the time of publishing.

Today’s stETH is the latest in a string of high-value swaps of the liquid staking derivative token that has seen staked ether become more decoupled from the price of ETH. One wallet sold close to 50,000 tokens on Thursday,