The cryptocurrency market continues to decline as Bitcoin is approaching $21K while ETH is declining towards $1.1K. Various accounts on Twitter have shared analytics information suggesting that one of the industry’s biggest funds – Three Arrows Capital – is facing liquidation.
- Rumors of Three Arrows Capital (3AC) being led by the bankruptcy of well-known crypto proponent Zhu Su are spreading within the community.
- According to on-chain data, an address that was tagged as belonging to 3AC by analytics provider Nansen was aggressively paying off an AAVE loan against a position of approximately $264 million (223K ETH) to avoid liquidation. Used to be.
- On-chain wizard – a renowned analyst – concluded If ETH moves to $1042, the position will be liquidated:
- At the time of writing, ETH is trading at its lowest point since January 2021, just above a 17-month low of $1,100.
- This means that the above position is about 7% away from liquidation if no collateral is added or the loan is not repaid.
- Zhu Su, co-founder of 3AC, took it to twitter To share some light a few hours ago, though limited and without revealing any precise information:
We are in the process of communicating with relevant parties and are fully committed to working on it.
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