Ethereum price flash crashes to $950 on Uniswap as whale dumps 93K ETH

cointelegraph.com:

Ethereum's native token Ether (ETH) fell to as low as $950 on Uniswap—a decentralized crypto exchange— this June 13, about 20% lower than its spot rate across other exchanges.

The incident happened at around 03:00 UTC after a whale dumped 65,000 ETH for multiple "stablecoins," including USD Coin (USDC), Tether (USDT) and Dai (DAI).

A piece of evidence noted that the whale sold its ETH holdings to pay off nearly $73 million worth of debt at Oasis.app, a DeFi lending platform. The duration of the sell-off saw ETH's liquidation price dropping from $1,200 to $875.

not a liquidation, someone selling collateral to pay off debthttps://t.co/tceIla0xuF pic.twitter.com/KwIholu1St

The Oasis borrower continued the selling spree—dumping another stash of nearly 28,000 ETH five hours after the first selloff—to pay back another $32 million in debt. This time, the liquidation price rose from $892 to $1,200, as shown below.

As a result, the whale dumped around 93,000 ETH within just six hours. The amount equals to roughly $112 million at June 13's ETH/USD price.

Interestingly, the Oasis borrower's total outstanding debt was about $120 million (as measured in DAI stablecoin), suggesting that the whale suffered heavy "slippage" losses.

wtf… was this a misclick? https://t.co/POURtN4F6s

Ether's trip to $950 was brief, suggesting adequate demand for the tokens near the level. Nonetheless, one separate analysis from veteran trader Peter Brandt pointed at ETH's price falling toward $650 in the coming weeks.

Brandt's bearish outlook emerged out of a classic continuation pattern, dubbed the "descending triangle," which resolves after the price breaks out in the direction of its previous trend.

Since Ether was falling before the triangle's formation, its