Ethereum whale wallets face massive liquidation as ETH prices fall

A sharp drop in ethereum (eth) prices triggered a wave of liquidations among leveraged eth whales, according to a recent report. x.com/EmberCN/status/1820283906089963589″ target=”_blank” rel=”nofollow noopener noreferrer”>report from on-chain analyst EmberCN. Several whale addresses were forced to sell their eth holdings to cover their loans, including:

• The address starting with “0x1111” liquidated 6,559 eth to repay a loan of 277.9 WBTC.
• The address starting with “0x4196” liquidated 2,965 eth to repay a 7.2 million USDT loan.
• The address starting with “0x790c” liquidated 2,771 eth to repay a 6.06 million USDC loan.
• The address starting with “0x5de6” liquidated 2,358 eth to repay a 5.17 million USDC loan.

These liquidations occurred amid a broader selloff in the market over the past 24 hours. As crypto Briefing reported, bitcoin (btc) fell 12% to $53,000 while <span class="issue-underline underline decoration-2 underline-offset-4 transition decoration-border-brand-default hover:bg-bg-brand-light-default" data-issueid="dadce2ca-d44d-491a-a4b5-8207f8ef1408" aria-label="open issue for the following text eth” data-testid=”issue-underline:undefined”>Ethnicity fell by more than 20% in the past 24 hours. The recent free fall erased ethereum's gains this year.

The correction has continued since Friday, possibly due to disappointing employment data and geopolitical tensions. On Saturday, btc” target=”_blank” rel=”nofollow noopener noreferrer”>bitcoin fell below $60,000 as recession fears grew.

With the bears in charge, eth and other altcoins have also seen bloodshed. Over the past week, eth plummeted from around $3,300 to $2,300, representing a drop of more than 30%, Data from CoinGecko ethereum” target=”_blank” rel=”nofollow noopener noreferrer”>sampleOther factors exacerbating the downturn include increased liquidation pressure and rumors of major eth sales by Jump Trading.