Ethereum Experiences Flash Crash, Breaks 950 US Dollars On Uniswap DEX
Ethereum price dropped on the Uniswap DEX due to the whale ETH sell-off. (Unsplash)

JAKARTA – The second largest cryptocurrency by market capitalization, Ethereum (ETH), is reported to have experienced a short price decline or flash crash on the Uniswap decentralized exchange (DEX). This was triggered by the sale of ETH owners, one of which was carried out by the Ethereum whale.

The whale reportedly sold 65.000 ETH. Proceeds from the sale were used to buy up stablecoins including USDC, USDT, and DAI on June 13 yesterday. Because of this, the price of ETH on DEX is 20 percent lower than the price on other crypto exchanges. The sale of 65.000 ETH occurred at 03:00 UTC.

Information from DailyHodl states that the ETH whale that sold its holdings was intended to pay off nearly $73 million in debt on Oasis.app, a decentralized financial lending platform or DeFi. The duration of the sell-off made the liquidation price of ETH drop from 1.200 US dollars to 875 US dollars.

Oasis borrowers continued the sell-off—throw away another stash of nearly 28.000 ETH five hours after the first sale—to pay back $32 million in debt. This time, the liquidation price rose from 892 dollars to 1.200 US dollars.

Altogether the whale sold around 93.000 ETH (worth 112 million US dollars) within six hours of trading ETH/USD. According to one of the traders Jonathan Howar, the whale borrowed from Oasis for 120 million US dollars.

“Interestingly, Oasis borrowers' total debt is around $120 million (as measured in the DAI stablecoin), suggesting that the whale is suffering a large “slip” loss. wtf… is this a click error?” Howard said.

He considered the decline in the price of ETH reasonable in such a short time. That means higher demand at $950 per ETH. In contrast to Howard, veteran analyst Peter Brandt revealed that ETH could potentially fall to a price of 650 dollars per coin.


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