A major ETH holder (whale 0xa339) unwound a leveraged position over the past 48 hours, offloading 20,599 ETH ($59.1M) at an average price of $2,869. The strategy? A looping lending setup—borrowing stablecoins against ETH collateral to amplify exposure, then riding the market. But markets shift. The liquidation pressure mounted, forcing the whale to reduce exposure and cover outstanding debt.



Here's what's left in the picture: the whale still parks 30,000 ETH ($85.2M) on Aave with $15.7M USDT hanging over their head as unpaid debt. That's roughly 8% of their remaining position needed just to clear the ledger. Any sharp pullback in ETH could trigger another round of forced selling or forced liquidations if collateral ratios slip below safety thresholds. Worth watching for cascading moves.
ETH1.21%
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SellTheBouncevip
· 2h ago
Struggling before the leverage explosion... This time, the alarm has truly been sounded, and there is still so much debt hanging around.
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GasSavingMastervip
· 5h ago
Whales are panicking, this is the cost of leverage. Only 30,000 ETH left to continue the pressure? Drop a little more and it will be liquidated directly. Once the liquidation chain reaction is triggered, it will be another big wave to watch out for. What was this guy thinking back then, borrowing so much stablecoins to fight? $15.7M debt hanging there is really a Damocles' sword.
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FOMOmonstervip
· 12-18 12:57
Whale has run away, and leverage has been halved? Things are getting interesting now. If you ask me, the real risk is still ahead—30,000 ETH is hanging in the balance. Debt on Aave is piling up, and a sudden crash could be the end, triggering a chain reaction. This rhythm... feels like another liquidation drama is about to unfold.
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CrashHotlinevip
· 12-18 12:55
Whales have been forced to admit defeat... crawling out of leverage with great difficulty --- There are still 30k ETH locked on Aave, heavily in debt. Now it's really walking on thin ice --- When the liquidation pressure increases and they run, it indicates that the market is about to change --- That $15.7M debt is like a sword hanging over your head; even a 5% drop in ETH could trigger a liquidation --- These whales are playing quite aggressively, leveraging to this extent... They probably regret it now --- The chain reaction is real—one whale's liquidation could trigger a cascade of LP liquidations, leading to another bloodbath --- So the current question is—can he still hold on? --- Looking at the situation, during the next big drop, he will have to keep cutting losses, endless cycle
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fomo_fightervip
· 12-18 12:54
The whale has run away, and the leveraged explosion truly can't be held together.
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SchrodingerWalletvip
· 12-18 12:44
Haha, even whales have to run. The liquidation pressure this time really can't be held back anymore. --- $59 million is gone just like that, the leveraged dream is shattered. --- Only 30,000 ETH left to truly feel at ease. Currently, this debt ratio could explode at any moment. --- The cycle lending strategy... to put it simply, it's betting that the market won't turn. Now it's been proven wrong. --- The key is there's still 15.7 million USDT sitting there. The next big drop will directly cause a crash. --- If this whale hadn't escaped in time, the liquidation orders would have already been triggered. --- Aave's liquidation buffer space is only 8%. One correction and it's gone. It's really intense.
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