đđEthereum Whale Sold to Pay Off Debt, Dropped Price đđ
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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