Bitter Lord! This wallet liquidated 71,800 ETH and lost more than $66 million

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With ether from an all-time high of $4,800 set in November last year, and briefly below $1,000 recently, it is no secret that a large number of investors are currently holding loss-making ether wallets. There are also rumors that an ether wallet liquidated more than 71,800 ether, reflecting huge losses.

This wallet (0x2291F52bddc937b5B840d15E551e1DA8C80c2B3c) held more than Liquity . When the coin fell to this price, the wallet had been emptied of all ether.

A report from Wu Blockchain shows that the position was closed at $927.13 at 19:39 UTC on June 18, with a total of 71,683. 47 ETH were closed, worth more than $66 million .

This has set a record for the largest single liquidation in the history of the Ethereum network. A simple reason is that the owner of the wallet may not be able to come up with more funds to delay closing the position, can no longer provide collateral for the loan, and thus suffer such a huge loss.

It was a tough day for ether investors on June 18, when ether prices plummeted within hours, sparking a wave of liquidations. After the record liquidation, the price of ether did not stop falling, falling below $900 on the day and hitting $880 before rebounding.

Ether’s price has since recovered somewhat and is now breaking the $1,100 resistance level at $1,120.92 at press time. While this may be a short-lived rally, it has brought some much-needed positive vibes to the market.

Price rallies like this often turn into an “uptrend trap,” when a digital asset’s price recovers quickly, fueling investor confidence that the rally will continue, and as a result more investors put their money into the market. However, the situation could change quickly and then extend the downtrend.

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