Ethereum

<p>The volatile crypto market has seen another sell-off due to the recent price dip. As per Lookonchain, a whale has reportedly deposited up to 22,746 $ETH tokens to Binance for debt repayment amid a price slump. The on-chain analytics provider took to social media to disclose this incident.</p><h2 id="header-0">Whale Offloads $77.7M in $ETH to Binance over 5 Hours to Pay off Debt on Aave and Spark</h2><p>Lookonchain mentioned that the <a href="https://blockchainreporter.net/ethereum-price-predictions-2023-2031/" rel="noopener noreferrer nofollow">Ethereum</a> whale has made a significant deposit of up to $77.7M worth in $ETH to Binance. Over the past five hours, the whale has redeemed stablecoins from Binance to meet debts. For this purpose, the whale liquidated up to 22,746 $ETH tokens. As a result of this the whale targeted to recompense debts on the <a href="https://blockchainreporter.net/defi-decentralized-finance/" rel="noopener noreferrer nofollow">DeFi</a> entities Aave and Spark.</p><p>The whale’s moves highlight the prevailing trend among the big crypto holders while the market experiences a plunge. Several whales are liquidating their $ETH holdings to pay off their debts. The recent decline of the $ETH prices have thus put a great pressure on these whales while the market tests their endurance.</p><h2 id="header-1">The $ETH Liquidations Indicate a Wider Trend Amid the Crypto Market Downturn</h2><p>With the liquidation of the $ETH tokens, these whales focus on minimizing their losses. In this case, the $ETH deposits signify the efforts to decrease liabilities and secure stablecoins. Therefore, the $ETH liquidation also reflects the increasing confidence in stablecoins to get some support while navigating the market uncertainty.</p><p>According to <a href="https://lookonchain.com/" rel="noopener noreferrer nofollow">Lookonchain</a>, over the last two days, the crypto whale liquidated a cumulative amount of 31,968 $ETH. In this way, the whale reportedly deposited nearly $122.3M to the well-known crypto exchange Binance. Such a substantial $ETH liquidation might lead to more sell-offs by the other major token holders.</p>

Crypto Whale Sells 22,746 $ETH for Debt Repayment Amid Price Dip

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