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BitcoinSistemi 2025-01-03 20:57:06

Bankrupt Cryptocurrency Whale Still Won’t Give Up: It Increased its Position Even More

Bankrupt Cryptocurrency Whale Still Won’t Give Up: It Increased its Position Even More

A prominent Ethereum (ETH) whale has attracted attention with a series of aggressive short positions, amassing a staggering $77.68 million in short positions against ETH. The trader’s actions, documented on-chain and spread on social media, are raising eyebrows as potential losses climb into the millions. Yesterday, the whale’s initial short position of 10,612.59 Wrapped ETH (WETH) had already made a loss, facing a volatile loss of $908,000. The undeterred trader made matters worse overnight, opening another short position of 5,000 ETH in a row. This initial upload was made via Aave, a decentralized lending platform, and the whale traded for an average of $3,459.38. A subsequent buyback at $3,436 yielded a small profit of $117,000, which is a drop in the bucket compared to the total risk. Just a few hours later, the whale continued its aggressive strategy by borrowing another 5,000 ETH at an average price of $3,501.79, bringing its total short position to 15,612 WETH. At this point, the trader’s health factor, a metric used by Aave to assess liquidation risk, stood at 1.45, predicting liquidation at $3,861.77 ETH. Related News: Richmond Fed President Thomas Barkin Speaks on the US Economy The whale’s risk didn’t stop there. Following social media updates documenting the transactions, the identified wallet address (0x6c2…a4777) further increased its short position to 20,612.13 ETH. Adding fuel to the fire, another address (0x2c8…22d86) opened a 1,001 ETH short position, apparently in association with the trader. This combined short position is now worth 21,613.13 ETH, equivalent to $77.68 million at the time of writing. With an average ask price of $3,458 and the current market price trading above that level, the trader is currently facing a significant floating loss of $2.84 million. The health factor has also fallen dangerously low to 1.27, indicating a high risk of liquidation should ETH experience a significant price increase. *This is not investment advice. Continue Reading: Bankrupt Cryptocurrency Whale Still Won’t Give Up: It Increased its Position Even More

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