According to on-chain analytics company Lookonchain, an Ethereum (ETH) crypto whale with a large holding appears to be in a difficult situation.
The whale borrowed $8.45 million in stablecoins and is now exposed to near-liquidation risk. The whale has deposited $11 million in assets on Aave, including Ethereum, and is long on these assets.
The bitcoin market has been declining since the start of the week. Prior to the end of the monetary tightening cycle, policymakers were generally in agreement, according to the minutes of the most recent FOMC meeting that were released earlier this week.
The Consumer Price Index (CPI) for September increased by 0.4%, above both the 0.3% analyst consensus estimate and the 0.6% increase from the previous month. Compared to 3.7% in August, the CPI increased by 3.7% in September.
In September, the core CPI—which excludes prices for food and energy—rose by 0.3% as opposed to $0.6% in August. Core CPI was 4.1% year over year compared to the projected 4.1% and the 4.3% in August. Following the announcement, Ethereum saw early losses and is currently down 0.31% at $1549.
21,834 dealers were liquidated in the last day. With a value of $2.56 million, the OKX ETH-USDT-SWAP pair has the largest single liquidation order ever.
Data from CoinGlass shows that on the previous day, liquidations on the broader crypto market reached $52.79 million. $36.46 million was held in long holdings, compared to $16.41 million in short positions.
According to cryptocurrency research company Kaiko, open interest in ETH has grown since the start of September. Indicating a lack of direction in the market, funding rates are still neutral to negative.
