[Scythian]

On-chain data has prompted speculation that Three Arrows Capital, a crypto-focused, Singapore-based hedge fund, is insolvent and may become the latest high-flying company to crash in the bear market.

Three Arrows Capital sold at least $40M worth of Lido’s staked Ether early Tuesday, making it the largest seller of the token in the past week. The company did not immediately respond to a request for comment.