The whale, whose millions of dollars of altcoin positions are facing liquidation, started selling Bitcoin (BTC) in order to protect his positions.
Decentralized finance (DeFi) platform Aave (AAVE) on Bitcoin, Ethereum (ETH), Chainlink (LINK), Uniswap (UNI) And Maker (MKR) A whale with a long position is breaking out in a cold sweat as altcoin prices decline.
Powered by on-chain analysis platform Lookonchain to data The altcoin positions in question are at risk of liquidation, according to Whale Wrapped Bitcoin (WBTC), which began selling. According to the data transferred, the whale in total $11 million worth WBTC He deposited it in Aave and received a loan in return. Tether (USDT) worth $8.45 million he bought. It is thought that the whale will use the USDTs it receives to secure its positions.
The only difference between WBTC and BTC is that WBTC is a Bitcoin derivative used in DeFi transactions on different networks and platforms.
Especially many altcoins to the lowest level in 2023 As it declines, investors’ long positions may face serious liquidation risks, as in this example.