Ethereum’s native token Ether (ETH) fell to as low as $950 on Uniswap—a decentralized crypto exchange— this June 13, about 20% lower than its spot rate across other exchanges.
Over $130M ETH sold in six hours
The incident happened at around 03:00 UTC after a whale dumped 65,000 ETH for multiple “stablecoins,” including USD Coin (USDC), Tether (USDT), and DAI.
A piece of evidence noted that the whale sold its ETH holdings to pay off nearly $73 million worth of debt at Oasis.app, a DeFi lending platform. The duration of the sell-off saw ETH’s liquidation price dropping from $1,200 to $875.
not a liquidation, someone selling collateral to pay off debthttps://t.co/tceIla0xuF pic.twitter.com/KwIholu1St
— mariano.eth ✨ᕙ༼ຈل͜ຈ༽ᕗ✨ | (@nanexcool) June 13, 2022
The Oasis borrower continued the selling spree—dumping another stash of nearly 28,000 ETH five hours after the first selloff—to pay back another $32 million in debt. This time, the liquidation price rose from $892 to $1,200, as shown below.
As a result, the whale dumped around 93,000 ETH within just six hours. The amount equals to roughly $112 million at today’s ETH/USD price.
Interestingly, the Oasis borrower’s total outstanding debt was about $120 million (as measured in DAI stablecoin), suggesting that the whale suffered heavy “slippage” losses.
wtf… was this a misclick? https://t.co/POURtN4F6s
— Jonathan Howard (@staringispolite) June 13, 2022
Ether price eyes $667 — veteran analyst
Ether’s trip to $950 was brief, suggesting adequate demand for the tokens near the level. Nonetheless, one separate analysis from veteran trader Peter Brandt pointed at ETH’s price falling towar $650 in the coming weeks.
Brandt’s bearish outlook emerged out of a classic continuation pattern, dubbed the “descending triangle,” which resolves after the price breaks out in the direction of its previous…
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