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Whale’s $6.52M wstETH Position Liquidated After ETH Drops Below $2,900

PeckShield reports a $6.52 million liquidation of a USDC long position collateralized with wstETH as Ethereum’s price fell below $2,900.

ETH
USDC
WSTETH

Summary

Blockchain analytics firm PeckShieldAlert disclosed that address 0x3ee3…42a6 was liquidated for $6.52 million after Ethereum’s price declined below $2,900. The position was a USDC long trade backed by wstETH collateral. The price drop triggered the liquidation due to insufficient collateral value.

Terms & Concepts
  • wstETH: Wrapped staked Ether, a tokenized version of staked ETH used in DeFi (decentralized finance) protocols.
  • Liquidation: The forced closure of a leveraged position when asset value falls below required collateral levels.
  • DeFi: Short for decentralized finance, a blockchain-based financial system without centralized intermediaries.