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.
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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