Ethereum Tumbles As Whale Wallets Face Mass Liquidations
According to a recent report by on-chain analyst EmberCN, a sharp decline in Ethereum (ETH) prices triggered a wave of liquidations among leveraged ETH whales.
A Broader Downturn
Several whale addresses were compelled to sell their ETH to cover loans, including an address starting with 0x1111, which liquidated 6,559 ETH to repay a 277.9 WBTC loan, and an address starting with 0x4196, which sold 2,965 ETH to settle a 7.2 million USDT loan. Another address, beginning with 0x790c, offloaded 2,771 ETH to address a 6.06 million USDC loan, while an address starting with 0x5de6 sold 2,358 ETH to cover a 5.17 million USDC loan.
These liquidations happened amid a broader market downturn over the past 24 hours. Crypto Briefing reported that Bitcoin (BTC) fell 12% to $53,000, while ETH experienced a drop of over 20%, wiping out the gains that Etreheum had obtained for the year. The correction, which started on Friday, seems to have been influenced by disappointing employment data and rising geopolitical tensions.
Heightened Liquidation Pressures
By Saturday, Bitcoin had fallen below $60,000 due to increasing recession fears. With bearish conditions dominating, ETH and other altcoins also suffered considerable losses. ETH, for example, plunged to $2,300 in the past week, reflecting a decline of over 30%, according to CoinGecko.
Contributing to the downturn were heightened liquidation pressures and rumors about significant ETH sales by Jump Trading. The cascading effect of these events led to an extraordinary $100 million in liquidations within a single hour, with the total for the day exceeding $445 million.
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