{"id":555375,"date":"2023-10-13T22:00:12","date_gmt":"2023-10-13T22:00:12","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=555375"},"modified":"2023-10-13T19:20:34","modified_gmt":"2023-10-13T19:20:34","slug":"trader-brink-losing-money-selling-wbtc-aave","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/","title":{"rendered":"This Trader Is On The Brink Of Losing Money, Will Selling WBTC On Aave V2 Help?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">A trader on Aave, a decentralized liquidity protocol operating on multiple platforms, including Ethereum and OP Mainnet, has\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/68683495\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">begun<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0selling wrapped Bitcoin (WBTC) to repay outstanding debt, records on October 13 reveal. WBTC is a tokenized version of Bitcoin issued on Ethereum that allows holders to engage in decentralized finance (DeFi) activities.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Trader Selling WBTC To Repay Debt On Aave v2<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to Lookonchain data, the unidentified trader marked with address \u201c0x47ab\u201d borrowed roughly $8 million worth of multiple stablecoins, including USDC, USDT, and DAI, Maker&#8217;s stablecoin, on Aave v2 after depositing various assets, including WBTC, Maker (MKR), and Ethereum (ETH) worth approximately $11 million.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/ethereum\/failed-bullish-ethereum-sub-1000\/\" target=\"_blank\" rel=\"noopener \">Failed Bullish Pattern Could Send Ethereum Sub-$1000<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">When writing, the health factor of borrowed assets stands at 1.09, teetering close to liquidation. According to Aave\u2019s\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/docs.aave.com\/faq\/borrowing\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">documents<\/span><\/a><span data-preserver-spaces=\"true\">, the health factor is a metric that compares the safety of collateral and borrowed loans to the underlying value. Technically, the higher it is, the safer the funds are from liquidation. If the health factor exceeds $1, deposited collateral will be liquidated to borrow outstanding loans.\u00a0<\/span><\/p>\n<figure id=\"attachment_555376\" aria-describedby=\"caption-attachment-555376\" style=\"width: 489px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-555376\" src=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/Screenshot420.png?resize=489%2C367\" alt=\"Health factor on Aave v2| Source: DeBank\" width=\"489\" height=\"367\" srcset=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/Screenshot420.png?w=489 489w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/Screenshot420.png?w=460 460w\" sizes=\"(max-width: 489px) 100vw, 489px\"><figcaption id=\"caption-attachment-555376\" class=\"wp-caption-text\">Health factor on Aave v2| Source: DeBank<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Aave is a popular decentralized finance (DeFi) protocol where token holders can choose to supply liquidity and earn passive income. At the same time, users can deposit collateral and borrow overcollateralized loans, which they can repay at any time, provided the health factor is around 1. Since loans are overcollateralized, the collateral is usually higher than the borrowed amount.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Volatile Bitcoin Prices To Blame?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As it is, the trader, Lookonchain shows, has started selling WBTC to repay outstanding debt. A big chunk of what the trader supplied is in WBTC, standing at 366.56 WBTC, worth roughly $9.1 million at spot rates.\u00a0<\/span><\/p>\n<figure id=\"attachment_555378\" aria-describedby=\"caption-attachment-555378\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-555378\" src=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?resize=1024%2C760\" alt=\"Selling WBTC to repay Aave V2 loan| Source: Lookonchain on X\" width=\"1024\" height=\"760\" srcset=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?w=1666 1666w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?w=460 460w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?w=768 768w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?w=860 860w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?w=1536 1536w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?w=750 750w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/F8SnLWCaQAAg5C6.jpeg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-555378\" class=\"wp-caption-text\">Selling WBTC to repay Aave V2 loan| Source: Lookonchain on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">However, considering market prices have fluctuated recently, the contraction has impacted the health factor, increasing the risk of collateral liquidation. To counter this, the trader sold 3 WBTC for roughly $80,000.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/CrAbCO0M\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/CrAbCO0M\/\" alt=\"WBTC price on Binance| Source: WBTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">WBTC price on Binance| Source: <a href=\"https:\/\/www.tradingview.com\/x\/CrAbCO0M\/\" target=\"_blank\" rel=\"noopener nofollow\">WBTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The address still owes Aave V2 approximately $8.08 million, mostly in USDT, at around $5 million. There are $3 million of USDC and around $368,000 of DAI. It is unclear whether the trader will seek to borrow more, especially if Bitcoin prices increase.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/dogecoin-2\/traders-past-dogecoin-transactions-plunge-98-june\/\" target=\"_blank\" rel=\"noopener \">Have Traders Moved Past Dogecoin? Transactions Plunge 98% Since June<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The address remains long on MKR, the governance token of the MakerDAO protocol; Uniswap\u2019s UNI; Chainlink\u2019s LINK; and Ethereum. Besides WBTC, the trader\u2019s second-largest holding is in ETH, while the smallest is MKR. Ironically, MKR has been one of the top-performing assets, rallying by over 160% in H2 2023 alone. The token peaked at $1,600 in early October before cooling off to spot rates.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A trader on Aave, a decentralized liquidity protocol operating on multiple platforms, including Ethereum and OP Mainnet, has\u00a0begun\u00a0selling wrapped Bitcoin (WBTC) to repay outstanding debt, records on October 13 reveal. WBTC is a tokenized version of Bitcoin issued on Ethereum that allows holders to engage in decentralized finance (DeFi) activities. Trader Selling WBTC To Repay Debt On Aave v2 According to Lookonchain data, the unidentified trader marked with address \u201c0x47ab\u201d borrowed roughly $8 million worth of multiple stablecoins, including USDC, USDT, and DAI, Maker&#8217;s stablecoin, on Aave v2 after depositing various assets, including WBTC, Maker (MKR), and Ethereum (ETH) worth approximately $11 million. Related Reading: Failed Bullish Pattern Could Send Ethereum Sub-$1000 When writing, the health factor of borrowed assets stands at 1.09, teetering close to liquidation. According to Aave\u2019s\u00a0documents, the health factor is a metric that compares the safety of collateral and borrowed loans to the underlying value. Technically, the higher it is, the safer the funds are from liquidation. If the health factor exceeds $1, deposited collateral will be liquidated to borrow outstanding loans.\u00a0 Aave is a popular decentralized finance (DeFi) protocol where token holders can choose to supply liquidity and earn passive income. At the same time, users can deposit collateral and borrow overcollateralized loans, which they can repay at any time, provided the health factor is around 1. Since loans are overcollateralized, the collateral is usually higher than the borrowed amount. Volatile Bitcoin Prices To Blame? As it is, the trader, Lookonchain shows, has started selling WBTC to repay outstanding debt. A big chunk of what the trader supplied is in WBTC, standing at 366.56 WBTC, worth roughly $9.1 million at spot rates.\u00a0 However, considering market prices have fluctuated recently, the contraction has impacted the health factor, increasing the risk of collateral liquidation. To counter this, the trader sold 3 WBTC for roughly $80,000.\u00a0 The address still owes Aave V2 approximately $8.08 million, mostly in USDT, at around $5 million. There are $3 million of USDC and around $368,000 of DAI. It is unclear whether the trader will seek to borrow more, especially if Bitcoin prices increase. Related Reading: Have Traders Moved Past Dogecoin? Transactions Plunge 98% Since June The address remains long on MKR, the governance token of the MakerDAO protocol; Uniswap\u2019s UNI; Chainlink\u2019s LINK; and Ethereum. Besides WBTC, the trader\u2019s second-largest holding is in ETH, while the smallest is MKR. Ironically, MKR has been one of the top-performing assets, rallying by over 160% in H2 2023 alone. The token peaked at $1,600 in early October before cooling off to spot rates. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":555377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79511,8323,16163,1946,78803,12182,89644,89645],"class_list":["post-555375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aave","tag-eth","tag-eth-price","tag-ethereum","tag-ethusdt","tag-wbtc","tag-wbtc-price","tag-wbtcusdt"],"acf":[],"yoast_head":"\n<title>This Trader Is On The Brink Of Losing Money, Will Selling WBTC On Aave V2 Help?<\/title>\n<meta name=\"description\" content=\"A trader on Aave V2 has\u00a0begun\u00a0WBTC to repay outstanding debt. 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The address is long on various altcoins, including MKR\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-13T22:00:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-13T19:20:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/Crypto-news-Template70.jpg?fit=1380%2C780\" \/>\n\t<meta property=\"og:image:width\" content=\"1380\" \/>\n\t<meta property=\"og:image:height\" content=\"780\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/www.shenyangcang.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"This Trader Is On The Brink Of Losing Money, Will Selling WBTC On Aave V2 Help?\",\"datePublished\":\"2023-10-13T22:00:12+00:00\",\"dateModified\":\"2023-10-13T19:20:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/\"},\"wordCount\":488,\"publisher\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/Crypto-news-Template70.jpg?fit=1380%2C780\",\"keywords\":[\"aave\",\"ETH\",\"eth price\",\"ethereum\",\"ETHUSDT\",\"WBTC\",\"WBTC price\",\"WBTCUSDT\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/\",\"url\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/\",\"name\":\"This Trader Is On The Brink Of Losing Money, Will Selling WBTC On Aave V2 Help?\",\"isPartOf\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/trader-brink-losing-money-selling-wbtc-aave\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2023\/10\/Crypto-news-Template70.jpg?fit=1380%2C780\",\"datePublished\":\"2023-10-13T22:00:12+00:00\",\"dateModified\":\"2023-10-13T19:20:34+00:00\",\"description\":\"A trader on Aave V2 has\u00a0begun\u00a0WBTC to repay outstanding debt. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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