Ethereum Whale Sold to Pay Off Debt, Dropping 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 Lookonchain, a whale sold 26,600 Ethereum worth $ 82.5 million to pay off his debt in Aave.

It caused the price to fall

According to Lookonchain data, the Ethereum price was at $ 3,102 when the whale made this transaction. However, the whale's sale led to a 3 percent decline in Ethereum markets.

According to CoinGecko data, Ethereum dropped more sharply than Bitcoin, which lost 7.8 percent in value in the last 24 hours. During this period, the Ethereum price dropped by 10.8 percent and dropped to $2,854. Therefore, many whales faced the risk of liquidation.

repurchased

According to Lookonchain records, the whale borrowed USDT worth $80.9 million from Aave after selling his Ethereum.

Investors can use Aave to take long or short positions. For example, investors who want to take a long position can deposit ETH on the platform and borrow in stablecoins and use this stablecoin to buy more ETH.

This investor used the borrowed stablecoins to buy more Ethereum in a similar manner. The whale purchased 26,235 ETH at $3,084 each.

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