St.ETH is continuing it's collapse
With additional liquidity questions arising at Celsius after the withdrawal halts it appears more and more Lido ETH stakers are taking significant haircuts to get the fuck out and dump their staked ETH.
St.ETH / ETH trading pair is taking an absolute beating after losing the initial peg. Currently trading at a 7% discount with no signs of stopping.
When I posted about this previously we dipped briefly into the 4-5% range and recovered but now the curve.fi liquidity pool is over 81% st.ETH vs 19% ETH. With only 100k ETH left in the liquidity pool. Any big player trying to exit that position will get absolutely destroyed with slippage and further dilute the pool and push the st.ETH price even lower.
ETH bulls may come to the rescue but with the prices dropping as fast as they are, they'd likely be better off waiting for the inevitable sub 1k ETH before trying to rush in and support the St.ETH discount price.
Market is taking a shit, there's little reason to attempt to jump into St.ETH right now which means the price is going to continue to get trashed.
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