A prominent Ether (ETH $3,960) holder incurred a multi-million-dollar loss Thursday after the cryptocurrency fell below $4,000 for the first time since August 8, amid a broader market downturn fueled by U.S. government shutdown concerns.
The whale, associated with address 0xa523, had a leveraged bullish position of 9,152 ETH ($36.4 million) forcibly liquidated on the decentralized exchange Hyperliquid, according to blockchain analytics firm Lookonchain. The forced liquidation pushed the whale’s total losses beyond $45 million, leaving a remaining balance under $500,000.
Ether hit a session low of $3,983 during Asian trading hours, as other major cryptocurrencies, including Bitcoin (BTC $109,396), also retreated amid the growing shutdown risks.
According to Coinglass, approximately $100 million in leveraged positions were liquidated during Asian trading, with over $90 million tied to bullish bets. The data suggests leverage was heavily concentrated in long positions, amplifying the downward pressure on ETH.
