The post ETH Whale’s Bold Move: Borrowing 220 WBTC and Facing $620K Loss Amid Market Swings appeared on BitcoinEthereumNews.com.

On December 16, COINOTAG highlighted an intriguing movement in the cryptocurrency market, particularly concerning Ethereum (ETH) and Bitcoin (BTC). According to on-chain data expert Yu Jin, a notable ETH swing trader engaged in substantial activities by depositing USDT garnered from previous ETH sales into Aave as collateral. The trader subsequently borrowed 220 Wrapped Bitcoin (WBTC) approximately nine hours ago, executing a chain sale at an average price of $102,366, amounting to a staggering 22.52 million USDT. However, with the current BTC price hovering around $105,200, this strategic maneuver has left the trader with a floating loss of approximately $620,000. Such occurrences underline the volatile nature of crypto trading and the potential risks involved, even for seasoned traders. Source: https://en.coinotag.com/breakingnews/eth-whales-bold-move-borrowing-220-wbtc-and-facing-620k-loss-amid-market-swings/

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Filed under: News - @ December 16, 2024 1:21 am