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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.