๐๐ณ๐ณ**40 Million Ethereum Whale on the Brink of Liquidation**๐๐ณ๐ณ
An Ethereum whale is teetering on the edge of liquidation due to the recent slump in the cryptocurrency market.
According to blockchain analysis platform Lookonchain, this whale's long position in Ethereum (ETH) is at serious risk if prices continue to drop.
Lookonchain's data reveals that the whale deposited 12,734 ETH (about $40 million) into Compound, a platform that allows users to borrow against their crypto assets. In return, they borrowed $31.4 million in stablecoins.
Compound operates by using crypto assets as collateral, with USD Coin (USDC) being the primary asset on this Ethereum-based platform. The critical point for this whale is $2,984โif ETH dips to this price, their position will be liquidated.
The broader market is facing a downturn, with Ethereum and Bitcoin both seeing
significant declines.
ETH alone has dropped 4.9% in the last 24 hours, now sitting at $3,137 according to CoinGecko. Coinglass reports that $293.9 million worth of positions were liquidated in the market recently, with $259 million being long positions.
This situation highlights the volatility and risks inherent in cryptocurrency investments, even for those with deep pockets. Stay informed and cautious in these turbulent times.
