Odaily Planet Daily reported that on-chain analyst Yu Yan monitored that a certain ETH lending whale position is approaching liquidation. He collateralized 23,800 ETH ($48.56 million) on Spark (@sparkdotfi), borrowing 35.27 million DAI. The liquidation price for the position is $1,800. As ETH dropped to the $2,000 mark, only $250 away from his liquidation price, he was forced to start cutting losses and reducing his position: he just sold 238 ETH in exchange for 488,000 DAI to repay the loan. If the price continues to fall, he can only keep selling ETH to lower the liquidation price.
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Author: Prathik Desai
Translated and organized by: BitpushNews
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