“The transparency of the positions of Celsius and Three Arrows Capital had put those firms at a disadvantage in the sense that short sellers knew how much to attack certain assets to try and cause liquidations,” Lex Sokolin, head economist and global fintech co-head at Ethereum developer ConsenSys, told CoinDesk in an email.
"The reason liquidity providers left is that once the peg broke, they got a terrible deal in that they were selling ETH too cheap,” said Bob Baxley, chief technology officer of automated market maker Maverick Protocol. “As the pool became imbalanced, they did not want to get trapped only holding illiquid stETH.”
Celsius still holds at least about 409,000 stETH, worth about $413 million at current prices, according to data provided byThe stETH-ETH Curve pool only has about 110,000 ether, meaning there’s simply not enough tokens to swap stETH into. Average investors who want to get rid of stETH may have even fewer options, since they typically cannot access over-the-counter markets to strike a deal.
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