An ether (ETH) whale took a multi-million dollar loss on its bullish bet on Thursday after the cryptocurrency's price dipped below $4,000 for the first time since Aug. 8.

The whale address labelled 0xa523 had its leveraged bullish position worth 9,152 ETH ($36.4 million) forcibly liquidated by the decentralized exchange Hyperliquid, according to blockchain analyst Lookonchain. This liquidation pushed the whale’s total losses beyond $45 million, leaving its balance below $500,000.

Ether's price hit a low of $3,983 during the Asian hours as the broader cryptocurrency market, including bitcoin (BTC), wilted amid an increased likelihood of a U.S. government shutdown this year.

About $100 million in leveraged bets were liquidated during Asian trading hours, with over $90 million involving bullish positions, according to data source Coinglass. This data suggests that leverage was predominantly tilted toward the positive side, betting on ether price appreciation.

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