As a Whale Market Dumps to Repay Debts, ETH Drops Below $1000 on Uniswap

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WETH’s price on Uniswap’s USDC pair drops below $1K as an ETH whale unwinds a large stake to repay debts.

The bitcoin market has experienced extraordinary turmoil and huge volatility in recent days. During the chaos, a whale liquidated a large quantity of ETH, driving its price down to 941 USDC on Uniswap before recovering.

A significant amount of wrapped Ethereum (WETH) was liquidated on Uniswap by an ETH whale, bringing the price down to 941 USDC.

On Ethereum’s explorer, the transaction may be as followed:

img1_etherscan
Source: etherscan

The whale also utilized some of the proceeds to repay loans, which is reflected in the transaction.

The price has returned to where the broader market trades at slightly below $1,300 at the time of writing.

On the day, ETH is down 11.2 percent and nearly 30% for the week.

According to Coinglass, approximately $170 million in ETH positions have been liquidated in the last 24 hours.

Meanwhile, the real market value is just $50 billion away from falling below $1 trillion.

Over $500 million has been liquidated in the last 24 hours, and Bitcoin bearish is having a field day, bringing the price of the cryptocurrency below what it was in December 2020, when BTC was selling at $25,000.

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