An Ethereum whale address, 0x6bB, is on the verge of liquidation, as the market continues to bleed lower. The address was leveraged on $110M worth of wrapped ETH (WETH) or 60,810 WETH, with their liquidation price at $1,793. The address had not been active since three weeks ago in early March, leading many on-chain traders to expect an incoming large liquidation event for ETH.
However, not long after a move from ETH down to just a few dollars off their liquidation price, the address’s owner began selling off altcoins such as Polygon (POL), Alchemix (ALCX) and Uniswap (UNI) for DAI. The proceeds of these altcoin sales worth approximately $981K have been used to repay a small portion of their DAI debt on Maker, which has lowered the position’s liquidation price to $1,781.99.
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