In the early hours of June 6, Ethereum briefly tumbled to $1,540. On-chain analyst Yu Jin monitored that this move activated a whale’s leveraged position liquidation at $1,565, resulting in the forced closure of 21,540 ETH. At prevailing prices, the liquidated stake amounted to approximately $33.7 million. Immediately after the liquidation, ETH rebounded and did not revisit that low, signaling some buying support around that level.
The whale’s exposure, however, is far from over. On-chain records show the same address still holds 82,871 ETH (about $132 million) in a collateralized borrowing position, with two remaining liquidation thresholds at $1,527 and $1,459. The current ETH price sits merely $70 above the next liquidation line. Should the market dip further, this whale risks another wave of forced selling, which could amplify downward pressure on Ethereum’s price.