In the early hours of June 6, Ethereum’s price took a sudden nosedive, hitting a low of $1,540 and shaking the market. According to on-chain analyst Yu Jin (@YuJin), a large crypto whale saw 21,540 ETH of its collateral liquidated as the price broke through its $1,565 liquidation threshold. The forced sale amounted to approximately $33.7 million. Notably, ETH rebounded quickly after the liquidation and did not print a new low, signaling some underlying buying support. The whale had long used ETH as collateral for on-chain lending, and despite a relatively conservative liquidation price, it couldn’t escape the early‑morning flash crash.
Remaining Position on the Edge: 82,871 ETH Hovering Above Liquidation
Following the liquidation, the whale’s lending position still contains 82,871 ETH, worth around $132 million. The remaining two liquidation levels are set at $1,527 and $1,459 – only about $70 away from the current price. If ETH continues to slide and breaches $1,527, it will immediately trigger another round of forced selling; a further drop to $1,459 would liquidate the entire remaining collateral. Yu Jin warned that such cascading liquidations could add significant sell pressure and exacerbate short‑term volatility. As of writing, ETH has stabilized temporarily, but the whale’s perilous position remains unresolved.