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:
- 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.