Ethereum’s native token Ether (ETH) fell to as low as $950 on Uniswap—a decentralized crypto exchange— this June 13, about 20% lower than its spot rate across other exchanges.

ETH/USD hourly price chart. Source: Uniswap

Over $130M ETH sold in six hours

The incident happened at around 3:00 am UTC after a whale dumped 65,000 ETH for multiple “stablecoins,” including USD Coin (USDC), Tether (USDT) and Dai (DAI).

A piece of evidence noted that the whale sold its ETH holdings to pay off nearly $73 million worth of debt at Oasis.app, a DeFi lending platform. The duration of the sell-off saw ETH’s liquidation price dropping from $1,200 to $875.

The Oasis borrower continued the selling spree—dumping another stash of nearly 28,000 ETH five hours after the first selloff—to pay back another $32 million in debt. This time, the liquidation price rose from $892 to $1,200, as shown below.

Screenshot of the anonymous borrower’s dashboard. Source: Oasis.app

As a result, the whale dumped around 93,000 ETH within just six hours. The amount equals toroughly $112 million at June 13’s ETH/USD price.

Interestingly, the Oasis borrower’s total outstanding debt was about $120 million (as measured in DAI stablecoin), suggesting that the whale suffered heavy “slippage” losses.

Ether price eyes $667 — veteran…


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