BTC Crash Triggers Massive Aave Liquidations: Whales Lose $23.9M in cbBTC

COINOTAG reported on October 11 that on-chain monitoring by PeckShieldAlert recorded a significant market move: as BTC fell about 8.44%, a whale address (0xddf7…8ce5) was subject to a liquidation on the Aave protocol, incurring an estimated loss of $14.4 million in cbBTC.

The same monitoring data indicates a second large holder (0xee7c…2954) was liquidated while holding long exposure to cbBTC on Aave, with an approximate markdown of $9.5 million. These on-chain liquidations highlight concentrated margin risk and protocol exposure during abrupt BTC drawdowns.

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