The liquidation event highlights the risks of high leverage in crypto trading, emphasizing the need for cautious positioning and market awareness. Ether longs take the brunt of crypto's $1 billion liquidation flush.
The trader reopened a 9,580-ETH long after adding $10 million in USDC margin. Its reported long exposure totaled about $288 million.
ETH extended its decline for a third straight day, falling nearly 4% as investors weighed tighter U.S. monetary policy.
The whale was liquidated on 28,716 ETH but continued adding to its position, which was valued at about $196 million.
The liquidated position was valued at $69.69 million, while the whale continued holding 78,955 ETH in long positions.
The liquidation was valued at about $69.69 million, while the remaining leveraged position was worth roughly $196 million.
The assets are issued by xStocksFi and add to the broader market for blockchain-based financial products.
Ether traded at $2,479 at 6:18 p.m. ET on Oct. 8, while its 24-hour change remained negative at 3.39%.
Short positions accounted for the entire liquidation total as Ether rose 0.08% during the period ending at 5:18 p.m. ET Oct. 8.
The Glamsterdam upgrade activated Oct. 6, while Ethereum mainnet remains at a 60 million gas limit with no confirmed deployment date.
Ethereum's Sepolia test network activated Glamsterdam on October 6 with a block gas limit near 200 million, over three times mainnet's 60 million.
The Glamsterdam upgrade could enhance DeFi efficiency, potentially boosting Ethereum's market appeal and influencing future price dynamics. Curve Finance: Ethereum's Glamsterdam upgrade may boost DeFi execution.