Ethereum Price Drop Raises Concerns About Whale Liquidation

Following a dip in Ethereum’s price to $1,769, experts are now raising concerns about potential liquidations of substantial whale holdings. On-chain analyst Yu Jin has highlighted that just eight hours prior, this large whale took action to preemptively reduce their position in a bid to mitigate the risk of automatic liquidation at a lower threshold of $1,639. This was achieved by selling 4,760 ETH worth of Ethereum in exchange for 8.64 million DAI, a cryptocurrency that is often used as collateral to settle debts.