Over the past few days, the cryptocurrency market has seen extreme volatility and huge volatility. During the turmoil, whales destroyed a significant amount of ETH, reducing its price to 941 USDC on Uniswap before its recovery.
- ETH whales destroyed a large amount of wrapped Ethereum (WETH) on Uniswap, causing its price to drop to 941 USDC.
- Transactions can be tracked on Ethereum’s Explorer:
- It also appears in the transaction that the whale used some of the money to pay off debt.
- At the time of writing, the price is back where the broader market is trading at slightly below $1,300.
- ETH is down 11.2% on the day and almost 30% on the week.
- data from coinglass shows that there were over $170 million of 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.
- The previous day saw over $500M in total liquidations, and Bitcoin bears were also having a field day, similar to the price we saw back in December 2020 when BTC was trading at $25K.
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