Ethereum
Giant Ethereum Whale on Brink of Liquidation as ETH Bloodbath Intensifies
Youri Molchan
Ethereum Whale Set to Liquidate Positions as ETH Drops 8% Overnight
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Analytics X account @lookonchain is spreading the word about a large whale, which is long on ETHCurrently, this trader is on the verge of liquidation, the tweet states, as he stands to lose the more than $30 million in crypto he borrowed.
Ethereum (ETH) Whale on the Brink of Liquidation
According to the data source, this whale deposited 12,374 ETH on Compound, while borrowing $31.4 million worth of stablecoins. @lookonchain says that if the Ethereum Price continues to fall, once it drops to the $2,984 level, this whale’s long positions will be liquidated.
Meanwhile, another whale grabbed 9,425 ETH worth just over $30 million earlier today. @lookonchain said it was a new wallet. The whale made the purchase of a dozen other cryptocurrencies, including BNB, MATIC, LINK, AVAX, and top meme coins like Shiba Inu, Dogecoin, Pepe Coin, and Floki.
In total, he bought and withdrew $120 million worth of altcoins from the largest cryptocurrency exchange, Binance. The Ethereum segment was the largest of his purchases.
Bitcoin Price Is In The Red, Ethereum Follows The Movement
This week, since Monday, the second-largest meme cryptocurrency, Ethereum, has seen a whopping 10.42% drop from the $3,500 area to the $3,150 mark, where it is currently changing hands.
Today, Ethereum initially dropped 3.03% in a single large red hourly candle. This drop was followed by a marginal increase and then another 3.09% price drop.
Ethereum follows the recent price drop of the flagship cryptocurrency Bitcoin, which has been falling sharply since Monday. Analyst Charles Edwards posted a tweet in which he noted that the price of Bitcoin continues to fall as major players continue to dump Bitcoin. These are mainly miners selling freshly mined BTC and their old Bitcoin stash.
Long-term holders are also actively selling their BTC. Overall, according to Glassnode data shared by Edwards, there is currently a negative flow of 374,000 Bitcoin. In other words, approximately $24 billion worth of Bitcoin is being dumped into the market right now.
The US and German governments recently sold several large amounts of Bitcoin and Ethereum, according to previous reports from U.Today.
About the Author
Youri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in many areas in the future. He has written for many crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.