Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
If Bitcoin Price Falls to This Level, The Giant Whale Will Experience Massive Liquidation

If Bitcoin Price Falls to This Level, The Giant Whale Will Experience Massive Liquidation

BitcoinsistemiBitcoinsistemi2024/09/08 10:36
By:Mete Demiralp

According to onchain data, a giant cryptocurrency whale is facing a major liquidation threat, according to onchain data.

When cryptocurrency onchain data is examined, it is seen that a huge cryptocurrency whale will undergo a massive liquidation if the Bitcoin price drops.

According to data provided by Lookonchain, this crypto whale has a liquidation risk for 488.45 Wrapped Bitcoin (WBTC) on decentralized finance (DeFi) platform Compound. The whale’s position health ratio has fallen to 1.07 and will be liquidated if the Bitcoin price drops to 50,429.

WBTC is an altcoin obtained as equivalent to BTC on the Ethereum network by locking Bitcoin to certain bridges, and users can use these BTC equivalents on DeFi platforms. The BTC network does not normally support smart contracts, but this obstacle is overcome thanks to wrapped tokens.

Related News Analysts Name an Altcoin as the Market Falls: “Whales Are Focusing On This”

However, interestingly, the same whale also has a long history in this regard. The wallet was liquidated three more times during the cryptocurrency crash of 2022. The whale's total loss was 74,426 BTC, which corresponds to a total of $ 32.82 million.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Strive Pushes Intuit to Add Bitcoin to Treasury

Strive urges Intuit to hold Bitcoin in its treasury to hedge against AI-driven disruption risks.Bitcoin as a Hedge Against AI Disruption?Why Bitcoin, and Why Now?BTC in the Boardroom

Coinomedia2025/04/16 14:22
Strive Pushes Intuit to Add Bitcoin to Treasury

JP Morgan Predicts Imminent Interest Rate Cuts

JP Morgan forecasts upcoming rate cuts, signaling a major shift in U.S. economic policy that could impact markets and crypto alike.JP Morgan Signals Upcoming Interest Rate CutsWhy Rate Cuts Matter for MarketsCrypto Could See Renewed Interest

Coinomedia2025/04/16 14:22
JP Morgan Predicts Imminent Interest Rate Cuts