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:
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.