🚀🚀Ethereum Whale Sold to Pay Off Debt, Dropped Price 🚀🚀
An Ethereum (ETH) whale sold his coins to pay off his debts on decentralized platforms.
According to information provided by the blockchain analysis platform called Lookonchain, a whale sold 26,600 Ethereum worth $ 82.5 million to pay off his debt on the Aave platform.
This sale caused the price to drop
According to Lookonchain data, the price of Ethereum was around $3,102 when the whale made this transaction. However, this selling transaction caused a decline of approximately 3% in the Ethereum market.
According to CoinGecko data, Ethereum has fallen more than Bitcoin, which lost 7.8% in the last 24 hours. Ethereum price fell 10.8% to $2,854 during this period, leaving many whales at risk of liquidation.
Repurchased
According to Lookonchain records, the whale borrowed $80.9 million worth of USDT from Aave after selling the Ethereums.
Aave is a platform where investors can take long or short positions. For example, investors who want to take a long position can deposit ETH and borrow a stablecoin, which they can then use to buy more ETH.
This whale also used the stablecoins he received to buy more Ethereum, purchasing 26,235 ETH at $3,084 each.
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