'Massive position nearing liquidation line, investor forced to reduce holdings to cope with market downturn'

Remember the guy who three months ago made a big move by accumulating $263 million worth of WBTC and ETH through a loop loan strategy? The recent continuous decline has brought his position dangerously close to the liquidation line. Today, he was forced to start cutting losses and reducing holdings to lower the liquidation price: 4 hours ago, he sold 1,316.8 ETH for 4.017 million USDT to repay his loan. He still has a whopping $146 million USDT loan on Aave, and his position health rate is now only 1.05. This means if he doesn’t continue reducing holdings to lower the liquidation price, a further 5% drop in BTC and ETH will trigger liquidation, forcing the sale of some collateral to repay the debt. Plus, his costs are quite high: WBTC price at $116,762, ETH at $4,415, and he’s already facing an unrealized loss of $65.49 million. Address: https://(debank.com)/profile/0x4ed0b41dff79e0e53a054903873899bc32abc853 ---------------------------------------------------------｜Bitget VIP, lower fees, crazier perks