A whale who mortgaged ETH on Spark to borrow USDT has recently started reducing positions. They sold 11,190 ETH (32.83 million) through OKX and then withdrew 26.55 million USDT from OKX for repayment, according to on-chain analyst Yu Jian.
After reducing positions, the liquidation price of the ETH position has fallen to $2,268, about $667 away from the current price. The position initially involved mortgaging 37,400 ETH (roughly $110 million) on Spark with a loan of about $62.57 million.
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