A wallet linked to Joseph Lubin moved 110K $ETH worth $170M on June 6 after 3 years of inactivity. Onchain analysis shows the funds were added as collateral to Sky vaults to defend a $259M $DAI debt position against further downside. $ETH fell below $1,600, briefly losing its #2 spot to $USDT, with the vault's liquidation levels at $899–$1,056. The move was purely defensive - no selling occurred, but it underscores the pressure on large $ETH-backed loans as the asset dropped ~24% this week.
Share
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.