Ether Whale Takes $45M Hit as Price Drops Under $4K

An ether (ETH) whale experienced a substantial financial loss following a price drop below $4,000, a first since August 8.

The whale address, identified as 0xa523, had a leveraged bullish position of 9,152 ETH ($36.4 million) liquidated by the decentralized exchange Hyperliquid.
Total losses for this whale surpassed $45 million, reducing its balance to under $500,000.
Ether's price reached a low of $3,983 during Asian trading hours, impacted by fears of a potential U.S. government shutdown.
Approximately $100 million in leveraged bets were liquidated during these hours, with over $90 million in bullish positions, indicating a predominant bet on price increases.

The broader cryptocurrency market, including bitcoin (BTC), faced declines amid these developments.