An Ethereum whale pushed the price of the asset on Uniswap to $450 with a $18 million order as the buyer lost more than $2 million on the transactions because of slippage. In our latest Ethereum news today, we find out more about the prices.
The ethereum whale pushed the ETC price as it processed USDT-ETH swap for 40,000 ETH worth about $16 million at current prices. The price slippage on the transaction was more than 10% emphasizing that DeFi is starved for more liquidity. The single wallet address pushed the prices on Defi exchange Uniswap to a little less than $450. The trade involved a series of swaps reaching $17 million USDT to purchase a little over 40,000 ETH.
With the ETH prices at $400, the trade was valued at $16 million which is a loss of almost $2 million to slippage. The whale received the USDT from an address associated with the crypto exchange Huobi as it was then parceled out to other new addresses. The position of this size could have been fulfilled on a centralized exchange with less slippage and the trades also show that DeFi doesn’t have the liquidity to serve the institutions yet. It does, however, show that there’s still demand major Defi trades even if the costs are higher.
As recently reported, Ethereum printed a reversal sign after the strong rally according to a Telegram channel that is tracking certain technical analysis signals. The signal predicts that ETH will undergo a bearish reversal in the upcoming days. ETH could be saved by a drop by BTC bulls which will drive the overall direction of the entire market. BTC shows signs that it wants to move higher in spite of the weekend flash crash which only saw the asset rejecting the pivotal level.
The EIP-1559, or the Ethereum Improvement Proposal has been a huge topic recently if you have been following our Ethereum news. There’s been a lot of controversy over the ETH supply as the BTC proponents are criticizing how data sites track the second-largest cryptocurrency and how it cannot come to a consensus on the exact supply of the coins in circulation. Vitalik Buterin attempted to calm the fears that ETH will be printed ad nauseam when he said that a technical change will make the cryptocurrency deflationary.
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