A sharp decline in Ethereum (ETH) prices triggered a wave of liquidations among leveraged ETH whales, according to a recent report from on-chain analyst EmberCN. Several whale addresses were forced to sell off their ETH holdings to cover their loans, including:

• Address starting with “0x1111” liquidated 6,559 ETH to repay a 277.9 WBTC loan.
• Address starting with “0x4196” liquidated 2,965 ETH to repay a 7.2 million USDT loan.
• Address starting with “0x790c” liquidated 2,771 ETH to repay a 6.06 million USDC loan.
• Address starting with “0x5de6” liquidated 2,358 ETH to repay a 5.17 million USDC loan.

These liquidations came amid a broader market sell-off over the past 24 hours. As reported by Crypto Briefing, Bitcoin (BTC) fell 12% to $53,000 while ETH dipped over 20% in the last 24 hours. The recent freefall erased Ethereum’s gains this year.

The correction has been ongoing since Friday, possibly due to disappointing employment data and geopolitical tensions. On Saturday, Bitcoin dropped below $60,000 as recession fears escalated.

With bears in charge, ETH and other altcoins have also suffered bloodshed. Over the past week, ETH has plummeted from around $3,300 to $2,300, representing a decline of over 30%, CoinGecko’s data shows. Other factors exacerbating the downturn include increased liquidation pressure and rumors of major ETH sales by Jump Trading.

The cascading effect of these events led to a staggering $100 million in liquidations within a single hour, with the 24-hour total exceeding $445 million.