On-Chain Whale Sells $56.5M in WBTC and ETH to Repay Loan

An on-chain analytics report shows a leveraged whale sold hundreds of WBTC and thousands of ETH to repay over $56 million amid liquidation risk.

ETH

WBTC

80d ago

Summary

On November 5, an on-chain analyst reported a whale holding 1,320 WBTC via leveraged loans was close to liquidation. The whale sold 465.4 WBTC at $102,722 each and 2,686 ETH at $3,244 each, generating $56.52 million to repay outstanding debt amid falling crypto prices.

Terms & Concepts

Wrapped Bitcoin (WBTC): A tokenized version of Bitcoin that runs on the Ethereum blockchain, pegged 1:1 with Bitcoin's value.
Leveraged Loans: Loans that involve borrowing funds to invest, often amplifying potential gains and risks through the use of collateral.
On-chain: Refers to transactions or activities that occur directly on a blockchain network and are publicly verifiable.