Whales begin moving Ethereum (ETH) holdings, state-ETH dipegs

Whales seem to have started removing Ethereum (ETH) from the Liquidity Pool and Defy Liquidity Platform. Steth-Eth Dipegs.

Whales begin moving Ethereum (ETH) holdings, state-ETH dipegs
Ethereum (ETH) news

Whales become active after crypto prices drop to lows, buying dips. As a result, the crypto market recovered with Bitcoin and Ethereum prices skyrocketing over 8% and 10% respectively. Now, whales seem to have started removing Ethereum from liquidity pools and the Defy Liquidity platform.

Whale Removal Ethereum (ETH) Holdings

According to PeckShieldAlert, a whale has removed 84K Ethereum (ETH) worth about $103 million from the Lido: Curve Liquidity Farming Pool Contract. This dropped the STETH/ETH exchange rate from 0.985 to 0.975. A significant dip between staked Ethereum and Ethereum could be worse for the crypto market.

The MEV bot arbitrated 104 ETH for $124,800. MEV Bot uses a flash loan to get 8,000 WETH from 0x2718. Moreover, the exchange path is 8,000 ETH to 8,272 STETH. Then, stETH is swapped to 8,104 WETH. Then return 8,000 WETH to 0x2718 and gain 104 ETH.

Curve Liquidity Pool balances fell significantly in May. Currently, it has fallen back to May levels despite a slight jump between July and October.

Furthermore, another whale withdrew 42.4K state worth about 50 million from Aave Protocol V2. In parallel STETH was deactivated from Aave and will probably be swapped to Ethereum Whale also transferred 5,000 ETH today November 24th.

The crypto market has previously seen a pullback from the curve pool, but prices have rallied since the market recovered. Lido Stacked Ethereum (stETH) price is trading at $1,170, up more than 2%. Whereas, ETH price is trading up around 2% at $1,195. The Steth-Eth peg is at 0.9817.

Curve DAO Short Squeeze

As previously reported by Coingape, the crypto whale exchange has been heavily shorted in CRV. Whale borrowed Curve DAO tokens on AAVE, the open source liquidity protocol, and then went on to sell them on exchanges.

Whales borrowed more Curve DAO tokens to sell on the AAVE protocol. When the CRV price reaches its potential low, those whales flip long on the centralized exchange. CRV price is trading at $0.6889, up 10% in the last 24 hours.