Major ETH Sell-Off by Entity

According to monitoring, an entity has been heavily selling ETH on Hyperliquid to repay its Aave loans.

Within the last five hours, it sold 31,700 ETH, valued at $80.8 million.

Urgency to Repay Loans

The entity deposited 49,600 ETH into Aave as collateral, borrowing $86 million in USDC.

With ETH's price drop, its position is nearing liquidation, forcing it to continue selling ETH to avoid full liquidation.

Market Reaction and Impact

  • Market concerns are rising over the entity's massive sell-off.
  • ETH price volatility increases, affecting investor sentiment.