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A giant whale sold 25,800 ETH due to the imminent liquidation of its position, with a loss of $31.75 million
According to Ember analysis, a giant whale sold 25,800 ETH at a price of 1,853 5 hours ago to avoid liquidation of positions, in exchange for 47.81 million USDT to repay leveraged borrowings. The whale was previously long ETH with revolving leverage, buying the ETH at an average price of 3,084 in July 2024. The deal resulted in him losing a whopping $31.75 million on leveraged ETH alone. The decline in ETH price has further exacerbated the decline of ETH as some leveraged long ETH whale positions are on the verge of liquidation and have to sell ETH to lower the liquidation line.