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WBTC Whale Dumping Tokens To Pay Debts and Avoid Liquidation 2m ago by coinedition.com

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Lookonchain revealed on X that a whale has been selling their WBTC to pay off debts.

This could be a factor that contributed to WBTC’s price falling by 0.11% in the past hour.

At press time, WBTC was resting on the key support level at $26,500.

The on-chain analysis platform Lookonchain shared in an X post earlier today that a whale holding positions in several tokens including Wrapped Bitcoin (WBTC), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), and Maker (MKR) has started selling their WBTC.

A whale who is long $WBTC, $ETH, $LINK, $UNI, and $MKR on #Aave began selling $WBTC to repay the debt.

They deposited $11M assets on #Aave and borrowed $8.45M stablecoins.

The health rate is 1.08, which is near liquidation risk.https://t.co/ej8zjfJ3aS pic.twitter.com/En6O2F53KN

— Lookonchain (@lookonchain) October 13, 2023

Lookonchain believes this is likely an attempt from the whale to address their outstanding debt. The whale already deposited assets worth $11 million onto Aave and subsequently borrowed stablecoins amounting to approximately $8.45 million. The health rate of the whale’s position is 1.08, indicating that they are extremely close to the liqui…

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