Ethereum Wallets Liquidated Due to Falling ETH Price

Bittime - A sharp drop in the price of Ethereum (ETH) has led to a wave of liquidations among leveraged whale wallets, according to the latest report from on-chain analyst EmberCN. In the past week, ETH prices plunged more than 30%, triggering massive liquidations of more than $100 million on the ETH network in one hour during the market crash.

Whale Wallet Liquidation

Several whale addresses were forced to sell their ETH holdings to cover loans, including:

• Address “0x1111” liquidated 6,559 ETH to pay off the 277.9 WBTC loan.
• Address “0x4196” liquidated 2,965 ETH to repay the 7.2 million USDT loan.
• Address “0x790c” liquidated 2,771 ETH to pay off a 6.06 million USDC loan.
• Address “0x5de6” liquidated 2,358 ETH to pay off a 5.17 million USDC loan.

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Market Impact

This liquidation occurred amidst massive market selling in the last 24 hours. According to a Crypto Briefing report, the price of Bitcoin (BTC) also fell 12% to $53,000, while ETH dropped more than 20% in the same period. This decline has wiped out Ethereum's gains so far this year.

Causative factor

This price decline has continued since last Friday, possibly caused by disappointing jobs data and geopolitical tensions. On Saturday, Bitcoin fell below $60,000 as recession fears increased. With the market dominated by bears, ETH and other altcoins also experienced significant declines. In one week, the price of ETH fell from around $3,300 to $2,300, a drop of more than 30%, according to CoinGecko data.

Additional Factors

Other factors exacerbating the decline include increased liquidation pressure and rumors of a large ETH sale by Jump Trading. The chain effect of this event led to $100 million in liquidations in one hour, with the 24-hour total exceeding $445 million.

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Conclusion

The decline in Ethereum prices has created huge pressure in the crypto market, especially among leveraged whales. This massive liquidation shows how volatile and vulnerable the crypto market is to sharp price changes. Investors are expected to be more careful in managing their portfolios to deal with high market uncertainty.

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