Ethereum whale wallets face mass liquidation as ETH prices tumble

Key Takeaways

• Ethereum's price plummeted over 30% in a week, leading to massive whale wallet liquidations.
• Total ETH network liquidations surpassed $100 million in one hour amid market crash.

A sharp decline in Ethereum (ETH) prices triggered a wave of liquidations among leveraged ETH whales, exacerbating the downward pressure on the crypto, according to on-chain analyst EmberCN.

These liquidations include:

• Address 0x1111567e0954e74f6ba7c4732d534e75b81dc42e: Liquidated 6,559 ETH to repay a 277.9 WBTC loan.

• Address 0x4196c40de33062ce03070f058922baa99b28157b: Liquidated 2,965 ETH to repay a 7.2 million USDT loan.

• Address 0x790c9422839fd93a3a4e31e531f96cc87f397c00: Liquidated 2,771 ETH to repay a 6.06 million USDC loan.

• Address 0x5de64f9503064344db3202d95ceb73c420dccd57: Liquidated 2,358 ETH to repay a 5.17 million USDC loan.

These liquidations exacerbated an already volatile market. Over the past week, ETH has plummeted from around $3,300 to $2,300, representing a decline of over 30%. Factors contributing to this sharp drop include a sudden market downturn, increased liquidation pressure, and rumors of major ETH sales by Jump Trading.

The cascading effect of these events led to a staggering $100 million in liquidations within a single hour, with the 24-hour total exceeding $445 million.