ETH Whale Liquidates Over 10,500 Coins, Suffering $1.42 Million Loss Amid Market Downturn

On May 17th, COINOTAG reported significant market movements involving a high-value whale wallet that recently altered its strategy on Ethereum (ETH). An analysis from on-chain expert @ai_9684xtpa unveiled that the wallet liquidated a substantial total of 10,543 ETH, resulting in a financial impact of approximately $26.08 million. This liquidation occurred at an average price of $2473.61, while the wallet had originally positioned its long entry at an average cost of $2608.36. This shift indicates a realized loss of about $1.42 million. Prior to the liquidation event, reports highlighted that the whale had borrowed assets to initiate a long position on 8613 ETH. Furthermore, the address augmented its holdings with an additional 5 million USDT, purchasing 1930 ETH as the market experienced downward pressure just hours before the liquidation.