Last week, $26.47 million worth of Wrapped Bitcoin was $55,278.30 A crypto whale with a position in (WBTC) narrowly escaped liquidation.
Liquidation Danger
According to on-chain data tracker Lookonchain, Ethereum 
$2,325.70 A whale with the address Oxceef was in danger of being liquidated on the Compound platform after Bitcoin fell to $52,550 on September 6. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
WBTC is an ERC-20 token backed 1:1 by Bitcoin and can be used as collateral for financial transactions in the Ethereum ecosystem.
“A whale is facing liquidation of 488.45 WBTC ($26.47 million) on Compound. Its health ratio is 1.07 and its liquidation price is $50,429. This whale was liquidated three times during the 2022 price crash, liquidating a total of 74,426 cWBTC ($32.82 million),” Lookonchain said.
Sales and Purchases
Lookonchain also observed that some addresses were selling Bitcoin as the price of Bitcoin fell last week. For example, an address starting with 3ExiBLw sold 100 BTC for $5.35 million, making a profit of $206,000.
On the other hand, Lookonchain points to 836,000 addresses that bought around 402,800 BTC ($21 billion) between $51,113 and $54,303, based on data from analytics firm IntoTheBlock. However, it warns that these addresses may sell their holdings at breakeven prices.
Galaxy Digital’s Move
Lookonchain also found that crypto firm Galaxy Digital deposited 1,458 BTC (over $78 million) into Coinbase Prime. Since Coinbase Prime offers trading and custody services, Galaxy Digital may have sent the BTC pile for safekeeping or to be sold on the open market.
At the time of publication, Bitcoin is trading at $54,987.
The above data plays an important role in understanding the movements of major players in the crypto market and the dynamics of the market. In particular, liquidation risks are critical elements that investors should pay attention to. In addition, the buying and selling strategies of major investors can have a direct impact on the market.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
