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Whale Swaps $18.74M in stETH for ETH Amid Large Redemption Queue

A whale’s stETH-to-ETH swap and subsequent Kraken deposit occurs alongside a $3.96B redemption backlog, with related liquidations surfacing as Ethereum hits $4,200.

ETH
STETH
WBTC

Summary

Alongside a reported $3.96 billion stETH redemption queue, a whale address 0x2aC9 swapped 4,242.4 stETH for 4,231 ETH worth $18.74 million, depositing the ETH to Kraken at a loss of about $50,500. Separately, as Ethereum reached $4,200, PeckShieldAlert reported that wallet 0xbf2b…15bd was liquidated for 907.7 WETH worth approximately $3.9 million. The liquidated address still holds 633.6 WETH and 21.3 WBTC, while carrying $3.6 million in stablecoin debt.

Terms & Concepts
  • stETH: Staked Ether, a token representing Ethereum locked for staking, typically issued by liquid staking protocols like Lido.
  • Redemption Queue: A lineup of withdrawal requests awaiting processing, often used in staking or DeFi platforms when liquidity is limited.
  • Whale: A term for an individual or entity holding large amounts of cryptocurrency, whose trades can significantly influence the market.