đš Crypto Whale Dodges $26.47 Million Liquidation! đš
Last week, a major crypto whale with a $26.47 million Wrapped Bitcoin (WBTC) position narrowly avoided liquidation. Hereâs the scoop:
Liquidation Danger
According to Lookonchain, a whale with an Ethereum address starting with Oxceef was at risk of liquidation on Compound as Bitcoin dipped to $52,550 on September 6. With 488.45 WBTC (worth $26.47 million) on the line, the liquidation price was set at $50,429. This whale had previously faced liquidation three times in 2022, totaling $32.82 million.
Sales and Purchases
Some addresses acted as Bitcoin's price fell. For instance, an address starting with 3ExiBLw sold 100 BTC for $5.35 million, making a profit of $206,000. Additionally, around 836,000 addresses bought approximately 402,800 BTC ($21 billion) between $51,113 and $54,303. These addresses might sell their holdings at breakeven prices.
Galaxy Digital's Move
Lookonchain also noted that Galaxy Digital deposited 1,458 BTC (over $78 million) to Coinbase Prime, possibly for security or to prepare for sales.
At publication, Bitcoin was trading at $54,987. These movements provide insights into market dynamics and the strategies of major players.
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