An ETH whale unwinds a huge position to repay debts, causing WETH's price on Uniswap's USDC pair to dip below $1K.
Over the past couple of days, the cryptocurrency market saw extreme turbulence and massive volatility. During the turmoil, a whale liquidated a massive amount of ETH, pushing its price on Uniswap down to 941 USDC before it recovered.
An ETH whale liquidated a massive amount of wrapped Ethereum (WETH) on Uniswap, driving its price down to 941 USDC.
The transaction can be tracked on Ethereum’s explorer:
Source: etherscan
Also visible in the transaction is that the whale used some of the funds to repay loans.
At the time of this writing, the price has returned to where the broader market trades at slightly below $1,300.
ETH is down 11.2% on the day and almost 30% on the week.
Data from Coinglass reveals that there were over $170 million liquidated ETH positions in the past 24 hours alone.
Meanwhile, the broader market is only $50 billion away from dropping below $1 trillion in total capitalization.
The past day saw over $500 million in total liquidations, and Bitcoin bears are also having a field day, pushing its price below what we saw back in December 2020 when BTC was trading at $25K.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
