Ethereum

Wrapped Bitcoin

Galaxy

Bitcoin

Million

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-whale-avoids-26-47-million-liquidation-by-a-hairs-breadth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Whale Avoids $26.47 Million Liquidation by a Hair’s Breadth</a><br></p>
<p style="text-align: justify">Last week, a crypto whale with a $26.47 million Wrapped Bitcoin (WBTC) position narrowly escaped liquidation.</p>
<h2 id="liquidation-danger">Liquidation Danger</h2>
<p style="text-align: justify">According to on-chain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> tracker Lookonchain, a whale with an Ethereum address starting with Oxceef faced the risk of liquidation on the Compound platform as Bitcoin fell to $52,550 on September 6.</p>
<p style="text-align: justify">WBTC is an ERC-20 token backed 1:1 by Bitcoin and can be used as collateral for financial transactions within the Ethereum ecosystem.</p>
<blockquote>
 <p>Lookonchain stated, “A whale is facing the risk of liquidation with 488.45 WBTC ($26.47 million) on Compound. The health ratio is 1.07, and the liquidation price is $50,429. This whale was liquidated three times during the 2022 price drop, with a total of 74,426 cWBTC ($32.82 million) liquidated.”</p>
</blockquote>
<h2 id="sales-and-purchases">Sales and Purchases</h2>
<p style="text-align: justify">Lookonchain also observed that some addresses sold Bitcoin as its price dropped last week. For instance, an address starting with 3ExiBLw sold 100 BTC for $5.35 million, making a profit of $206,000.</p>
<p style="text-align: justify">On the other hand, Lookonchain, based on data from the analytics firm IntoTheBlock, points out that approximately 836,000 addresses bought around 402,800 BTC ($21 billion) between $51,113 and $54,303. However, it is warned that these addresses might sell their holdings at breakeven prices.</p>
<h2 id="galaxy-digital-s-move">Galaxy Digital’s Move</h2>
<p style="text-align: justify">Lookonchain also detected that the crypto firm Galaxy Digital deposited 1,458 BTC (over $78 million) to Coinbase Prime. Since Coinbase Prime offers trading and custody services, it is suggested that Galaxy Digital might have sent the BTC for security purposes or to be sold on the open market.</p>
<p style="text-align: justify">At the time of publication, Bitcoin was trading at $54,987.</p>
<p style="text-align: justify">The above data plays a crucial role in understanding the movements of major players in the <a href="https://en.coin-turk.com/binances-listing-strategy-predicting-next-altcoins-and-investing-smartly/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto market</a> and the market dynamics. Particularly, liquidation dangers are critical elements that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> should pay attention to. Additionally, the buying and selling strategies of large investors can have direct impacts on the market.</p>
<p>The post <a href="https://en.coin-turk.com/crypto-whale-avoids-26-47-million-liquidation-by-a-hairs-breadth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Whale Avoids $26.47 Million Liquidation by a Hair’s Breadth</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Crypto Whale Avoids $26.47 Million Liquidation by a Hair’s Breadth

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