Drop in Ethereum Put Whales at Risk: They Sold $82 Million!

With the price of Ethereum (ETH) falling, many whales may lose their positions.

According to information provided by the blockchain analysis platform Lookonchain, whales using decentralized platforms such as Aave and Compound face the risk of liquidation.

Tens of millions of dollars could be wiped out

The decline in the cryptocurrency market has become even more severe in the past hours. According to CoinGecko data, the total value of the cryptocurrency market decreased by 8.8 percent on a daily basis and fell to 2.06 trillion dollars.

Meanwhile, Ethereum price fell by more than 10 percent and fell to the $2,800 level.

According to Lookonchain data, this decline in Ethereum price has put many investors at risk. Many whales who have deposited Ethereum on Aave and Compound platforms may be liquidated due to the drop in price. Aave and Compound allow users to borrow and lend in cryptocurrencies.

Three whales, who deposited 28,558 Ethereum, worth a total of $ 82.2 million, on the Binance exchange during the same period, were forced to sell them in order to repay their debts this morning.

According to Coinglass data, a total of $684 million worth of positions were liquidated in the last 24 hours, $590 million of which consisted of long positions. The largest part of these positions was Bitcoin (BTC) and Ethereum.

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