ETH drops below $1,000 on Uniswap as a whale market spills out to pay off debt

Over the past two days, the cryptocurrency market has seen extreme turbulence and massive volatility. During the turmoil, a whale liquidated a massive amount of ETH, causing its price on Uniswap to drop to 941 USDC before recovering.

  • An ETH whale liquidated a massive amount of Wrapped Ethereum (WETH) on Uniswap, driving its price down to 941 USDC.
  • The transaction can be tracked on Ethereum Explorer:
Source: etherscan
  • Also visible in the transaction, the whale used some of the funds to repay loans.
  • As of this writing, the price has returned to where the broader market is trading at just under $1,300.
  • ETH is down 11.2% on the day and nearly 30% on the week.
  • Data from coin glass revealed that there were over $170 million in liquidated ETH positions in the last 24 hours alone.
  • Meanwhile, the broader market is only $50 billion away from falling below $1 trillion in total capitalization.
  • Last day saw over $500 million in total liquidations, and Bitcoin bears are also having a ground day, pushing its price below what we saw in December 2020 when BTC was trading at $25,000.

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