TechFlow reports that, according to on-chain analyst烬 (Yujin), a whale who previously leveraged long positions in ETH on-chain has sold 26,600 ETH over the past two hours, converting them into $82.52 million USDT to unwind its leverage. This move caused ETH to drop by $100 (from $3,160 to $3,060).
The whale first opened its leveraged long ETH position on January 5th, borrowing $48 million USD to purchase 21,192 ETH at $2,265 per ETH. The position remained untouched for six months until recent market downturns prompted the whale to sell 26,600 ETH at an average price of $3,102 two hours ago, converting the proceeds into $82.52 million USDT to repay its Aave loan.
Given the whale’s low entry price, this sale still secured a profit of $22.26 million (+37%).
