A major Ether (ETH $3,960) holder suffered a substantial loss Thursday after the cryptocurrency fell below $4,000 for the first time since August 8, amid a broader market sell-off fueled by concerns over a U.S. government shutdown.
The whale, associated with address 0xa523, saw its leveraged bullish position of 9,152 ETH ($36.4 million) forcibly liquidated on the decentralized exchange Hyperliquid, according to blockchain analytics firm Lookonchain. The liquidation pushed the whale’s total losses above $45 million, leaving its balance under $500,000.
Ether touched a low of $3,983 during Asian trading hours, as Bitcoin (BTC $109,396) and other major cryptocurrencies also declined amid heightened shutdown fears.
According to Coinglass, approximately $100 million in leveraged positions were liquidated during Asian trading, with more than $90 million tied to bullish bets. This indicates that leverage was heavily concentrated in long positions, amplifying the impact of the downward move.
