In brief

  • The price of Ethereum (ETH) briefly dropped below $950 on decentralized exchange Uniswap overnight.
  • Currently, ETH is down about 20% over the last 24 hours at a spot price of $1,220 at most exchanges.

With Ethereum’s price down nearly 20% over the past day and hovering around the $1,200 mark this morning, many crypto investors and industry watchers are bracing themselves for a historic drop back into triple digits.

But it already happened late last night on decentralized exchange (DEX) Uniswap, albeit briefly, with the price of ETH hitting $950 after a whale dumped more than 65,000 ETH into the market.

It was widely spotted on Crypto Twitter, as that price was significantly lower than the spot rate on other exchanges, where the price hovered around $1,300 at the time. However, it proved to be a brief flash crash for Uniswap, and the price rebounded in line with the rest of the market.

Apparently, the momentary sub-$1,000 drop for ETH was primarily triggered by the aforementioned sale, which spanned both Uniswap and rival DEX SushiSwap.

The transaction saw 65,104 ETH sold from a vault on DeFi app Oasis, with an average sell price of nearly $1,156 per ETH. All told, that’s over $75 million in ETH sold at that price. The ETH was sold for stacks of dollar-pegged stablecoins, including DAI, USDC, and USDT.

Mariano Conti, an angel investor and Ethereum project advisor, tweeted that the investor was apparently selling off the large trove of ETH to “pay off debt and decrease their risk” on DeFi lending platform MakerDAO—perhaps to cover a loan that was…

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