The whale betting on a rebound got “wiped out” by the rebound trade first.
BlockBeats reported on October 18 that, according to on-chain analyst Ember, a whale who opened roughly $187 million in leveraged long positions in the early hours two days ago to bet on a rebound has had part of their position liquidated.
A long position of 4,890 ETH (about $11.74 million) was liquidated at $2,356 during the drop at 5 a.m. today. The report noted that this liquidation price coincided exactly with the low of ETH’s early-morning wick, and that the liquidation may have helped form the bottom.
Observation 1: The liquidation price coinciding with the wick low suggests that forced closures of leveraged positions may have amplified the brief drop. Observation 2: Only “part of the position” was liquidated; the report did not say how the remaining positions fared during subsequent volatility.
Do you think liquidations drove this low, or were buyers already waiting there?
Image 1: Whale betting on a rebound has $11.74 million ETH long position liquidated at $2,356 · Partial screenshot of source page
Image source: https://www.theblockbeats.info/flash/372382
BlockBeats reported on October 18 that, according to on-chain analyst Ember, a whale who opened roughly $187 million in leveraged long positions in the early hours two days ago to bet on a rebound has had part of their position liquidated.
A long position of 4,890 ETH (about $11.74 million) was liquidated at $2,356 during the drop at 5 a.m. today. The report noted that this liquidation price coincided exactly with the low of ETH’s early-morning wick, and that the liquidation may have helped form the bottom.
Observation 1: The liquidation price coinciding with the wick low suggests that forced closures of leveraged positions may have amplified the brief drop. Observation 2: Only “part of the position” was liquidated; the report did not say how the remaining positions fared during subsequent volatility.
Do you think liquidations drove this low, or were buyers already waiting there?
Image 1: Whale betting on a rebound has $11.74 million ETH long position liquidated at $2,356 · Partial screenshot of source page
Image source: https://www.theblockbeats.info/flash/372382