This week, major central banks including the United States, the United Kingdom, and Japan will hold interest rate decision-making meetings. Perhaps driven by risk aversion, the cryptocurrency market has once again experienced a decline.
Bitcoin fell below US$60,000 in the early morning and once touched US$58,100. At the time of writing, it was trading at US$58,588, down 2.61% in the past 24 hours. Ethereum has been even more depressing, falling all the way since falling below US$2,400 early this morning, and has continued to decline in the past 24 hours. It plummeted to US$2,252 at about 10 o'clock this morning. At the time of writing, it was trading at US$2,277.46, down more than 6% in the past 24 hours.
ETH/BTC trading pair hits new low since 2021/4
Ethereum’s subdued performance is also reflected in the ETH/BTC trading pair. The ETH/BTC trading pair has been falling since falling below 0.04 late yesterday (15th), reaching a low of 0.0387 at about 10 o'clock this morning, setting a record low since April 2021.
Before the deadline, the ETH/BTC trading pair was temporarily trading at 0.0389, down 3.06% in the past 24 hours.
ETH liquidation amount exceeds BTC
This makes Ethereum the token with the highest liquidation amount on the entire network in the past 24 hours. According to data from Coinglass , the entire cryptocurrency network has liquidated a total of US$165 million in the past 24 hours, of which Ethereum's liquidation amount reached US$49.15 million, higher than Bitcoin's US$31.23 million. A total of more than 58,500 people have been liquidated across the entire network .
The whale long on the ETH/BTC trading pair surrenders
At the same time, on-chain analyst Yu Ji monitored that James Fickel, who was long on the ETH/BTC trading pair, has successively sold more than 7,600 ETH since 2:30 this morning, exchanging it for 299.8 WBTC (about 18 million U.S. dollars). to repay Aave's borrowings to reduce the risk of its borrowing positions.
Ember pointed out that since August 11, James Fickel has sold a total of 23,600 ETH and exchanged it for 970.5 WBTC to repay the Aave loan. Its current outstanding WBTC borrowings are still 1,758 (approximately US$102.8 million), and it continues to be the largest long ETH/BTC trading pair on the chain.
