A whale sold 1,316.8 ETH for 4.017 million USDT 4 hours ago to lower the liquidation price.

According to a report by Jinse Finance, on-chain analyst Yu Jin has monitored that the whale who accumulated $263 million worth of WBTC and ETH through leveraged looping three months ago has now been forced to start selling at a loss to lower the liquidation price. Four hours ago, the whale sold 1,316.8 ETH for 4.017 million USDT to repay debt. He still has as much as $146 million in USDT loans on Aave, and his position health rate is now only 1.05. This means that if he does not continue to reduce his position to lower the liquidation price, and if BTC and ETH drop another 5%, his position will be liquidated and part of his collateral will be forcibly sold to repay the debt. Moreover, his entry cost was quite high: WBTC at $116,762 and ETH at $4,415, and he is now facing an unrealized loss of up to $65.49 million.