An Ether (ETH $3,960) whale incurred a multi-million-dollar loss Thursday after the cryptocurrency fell below $4,000 for the first time since August 8, amid a broader market pullback tied to U.S. government shutdown concerns.
The whale, linked to address 0xa523, had a leveraged bullish position of 9,152 ETH ($36.4 million) forcibly liquidated on the decentralized exchange Hyperliquid, according to blockchain analytics firm Lookonchain. The forced liquidation pushed the whale’s total losses beyond $45 million, leaving a balance of under $500,000.
Ether touched a session low of $3,983 during Asian trading hours as other major cryptocurrencies, including Bitcoin (BTC $109,396), retreated amid heightened shutdown fears.
Data from Coinglass shows roughly $100 million in leveraged positions were liquidated during Asian trading, with over $90 million tied to bullish bets. The imbalance highlights how leverage in the market was predominantly tilted toward long positions, magnifying the impact of Ether’s decline.
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