A giant whale sold 25,800 ETH to avoid position liquidation. He incurred a loss of up to $31.75 million due to leveraged long positions on ETH.

The decline in ETH prices has led some whales, who used circular lending to leverage long ETH, to face imminent liquidation, forcing them to sell ETH to reduce their liquidation lines. At the same time, these sales have also contributed to further declines in ETH prices.

This whale sold 25,800 ETH at a price of $1,853 five hours ago during a significant drop in ETH prices, converting it into 47.81 million USDT for repayment.

The ETH he sold was purchased at an average price of $3,084 with leverage in July 2024. Just the portion of ETH bought with leverage resulted in a loss of $31.75 million.

Address: 0xa339d279e0a3a9ede11eceac2ec9529eebdae12c