PANews reported on February 5th that, according to on-chain analyst Yu Jin, as ETH fell to the $2000 mark, another ETH lending whale's position is nearing liquidationPANews reported on February 5th that, according to on-chain analyst Yu Jin, as ETH fell to the $2000 mark, another ETH lending whale's position is nearing liquidation
A major ETH lending platform, whose position is nearing liquidation, has sold 238 ETH to cut its losses and reduce its holdings.
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PANews reported on February 5th that, according to on-chain analyst Yu Jin, as ETH fell to the $2000 mark, another ETH lending whale's position is nearing liquidation and has begun to cut losses and reduce its holdings.
- He staked 23,800 ETH ($48.56 million) on Spark and borrowed 35.27 million DAI. The liquidation price of the position was $1,800.
- As ETH fell to the $2,000 mark, just $250 away from his liquidation price, he was forced to cut his losses and reduce his holdings: he just sold 238 ETH to exchange for 488,000 DAI to repay his debt.
If the price continues to fall, he will have no choice but to continue selling ETH to lower the liquidation price.
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