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A crypto whale with a long position in Ethereum (ETH) appears to be facing a big dilemma, according to an on-chain analysis firm. look chain.
The whale deposited $11 million in assets, including Ethereum, into Aave, and has a long position in these assets; The whale has borrowed $8.45 million in stablecoins and now faces a near risk of liquidation.
Since the beginning of the week, the cryptocurrency market has been in decline. Minutes from the most recent FOMC meeting released earlier this week revealed that policymakers were broadly in agreement that rates would likely need to be raised once more before the monetary tightening cycle ended.
Adding to the losses, the Consumer Price Index (CPI) for September gained 0.4%, beating economists’ expectations of 0.3% and 0.6% the previous month. In September, the CPI grew 3.7% year-on-year, compared to 3.7% in August.
The core CPI, excluding food and energy costs, rose 0.3% in September, compared to 0.6% the previous month. Year over year, the core CPI was 4.1%, compared to the expected 4.1% and 4.3% in August. Ethereum suffered earlier losses following the news and is now down 0.31% to $1,549.
In the last 24 hours, 21,834 merchants were liquidated. The largest single liquidation order occurred on OKX with the OKX ETH-USDT-SWAP pair, worth $2.56 million.
According to data from CoinGlass, liquidations in the overall crypto market amounted to $52.79 million in the last 24 hours. Long positions accounted for $36.46 million, while short positions accounted for only $16.41 million.
Kaiko, a cryptocurrency research firm, stated that ETH open interest has increased since early September. Funding rates remain neutral to negative, indicating a lack of direction in the market.
