According to TechFlow, on-chain analyst Ember monitored that the ETH/BTC exchange rate fell to 0.046 as it continued to fall at 4 a.m. A whale that was long on the ETH/BTC exchange rate fell below 1 on Aave and continued to be liquidated: 4,539.7 ETH (US$13.52 million) of collateral was liquidated to repay 203 WBTC loans.

Since the address was liquidated at midnight yesterday, there has been no operation so far. No positions have been replenished nor leverage positions have been actively reduced, and the platform has allowed liquidation when the market fell.

The current borrowing health rate on Aave is still at 1.01, which is on the edge of the liquidation line. If the ETH/BTC exchange rate continues to fall, the collateral of this address will continue to be liquidated.