Whale Losses on ETH Price Dip

An ETH 4,009.28 whale experienced a multi-million dollar loss on its bullish bet after the cryptocurrency’s price dipped below $4,000 for the first time since August 8.

The whale address, labeled 0xa523, had its leveraged bullish position worth 9,152 ETH (approximately $36.4 million) forcibly liquidated by the decentralized exchange Hyperliquid, as reported by blockchain analyst Lookonchain. This liquidation pushed the whale’s total losses past $45 million, leaving its balance below $500,000.

Ether’s price reached a low of $3,983 during Asian trading hours, amid a broader downturn in the cryptocurrency market, including Bitcoin, which traded at $111,699.42. Market fears of a potential U.S. government shutdown contributed to the price decline.

Approximately $100 million in leveraged bets were liquidated during Asian trading hours, with over $90 million related to bullish positions, according to data from Coinglass. This indicates that leverage was mainly used for optimistic bets on ether’s price appreciation.