Ethereum Whale Sells 25K ETH Worth $70M In 2 Hours

Large cryptocurrency investors appeared to be selling significant amounts of their holdings as the crypto market lost over $200 billion on Friday.

What Happened: An Ethereum ETH/USD whale sold 25,000 ETH worth $70 million in under 2 hours during Asian hours on January 21.

Wallet dumped 25k $ETH in less than 2 hours and not done yet
Chill whale friend https://t.co/xrU77Nh4xS

— Fonship is a joke (@fonship) January 21, 2022

The large transactions were spotted by Twitter users who also identified that the whale wallet in question belonged to popular crypto trader “Tetranode.”

Word on the street that other whales are trying to liquidate me

To that I say pic.twitter.com/zhZrP64sri

— TΞtranodΞ (💎, 💎) (@Tetranode) January 21, 2022

Market participants believed that his large ETH sell orders were in aid of protecting his DeFi positions from being liquidated.

ETH was trading at $2,786, down 12.6% in the last 24 hours, whereas market-leading cryptocurrency Bitcoin BTC/USD was down 9.25% over the same period.

According to data from Coinglass, ETH liquidations exceeded liquidations in the last day.

As of Friday morning, $71 million worth of ETH trading pairs and $51 million worth of BTC pairs were liquidated.

Overall, 240,200 traders were liquidated from their positions for $905 million in the last 24 hours.