PANews reported on February 4th that, according to on-chain analyst Yu Jin, a cluster of whale/institutional addresses holding ETH lending positions recently sold 36,900 ETH through Hyperliquid to stop losses and withdrew 82.36 million USDC to repay loans.

He is currently still cutting his losses: he still holds 56,000 ETH (worth $115 million), and the liquidation price of these ETH borrowed positions is around $2,050, only about $200 away from the current price.

He bought ETH last July at an average price of about $3,363, and has now lost as much as $105 million.