How a single investor drove the price of Ethereum (ETH) to $950 on Uniswap

As the price of Ethereum (ETH) drops 17% this Monday (13) and hovers around $1,200, many investors and crypto industry watchers are bracing for a historic drop back into the hundreds. of dollars.

But this had already happened on Sunday night (12) at the decentralized exchange (DEX) Uniswap, although it was for a brief moment. There, the price of ether hit $960 after a “whale” — a term referring to an investor who holds large amounts of cryptocurrencies — dumped over 65,000 ETH onto the market.

The event was noticed by the CryptoTwitter community because the price was significantly lower than on other exchanges, where the ETH price fluctuated around $1,300. However, it was all just a brief flash crash on Uniswap and the price recovered along with the rest of the market.

Apparently, ether’s momentary dip below $1,000 was a result of the whale’s massive sell-off, which spanned both Uniswap and DEX rival SushiSwap.

In the transaction, 65,104 ETH were sold from a “vault” of the decentralized finance (DeFi) project Oasis, with an average sale price of nearly $1,156 per ether (or more than $75 million). The tokens were sold for lots of dollar-pegged stablecoins, including DAI, USDC and USDT.

Mariano Conti, angel investor and project advisor for Ethereum, tweeted that the investor was apparently selling the big hoard in ether to “pay down debt and lower your risk” on the DeFi lending platform MakerDAO — perhaps to cover a loan it was about to take out. be liquidated.

However, by moving a huge amount of ether in a single transaction, the seller apparently got a lower than expected price. As shown by the Oasis vault data, the price of ether on the oracle at that time was $200 higher than the average sale price in the transaction. The seller also paid nearly $152,000 in fees to Oasis for the transaction.

A few hours later, the same owner of the Oasis vault sold another 27,947 ETH at an average price of $1,181 each (or $33 million). Again, the seller got a low price compared to the market value the oracle showed at the time ($1,335).

According to data from CoinMarketCap, ether has lost 17% of its price in the last 24 hours and is trading at around $1,220. In the week, the asset accumulates losses of 34%.

Bitcoin (BTC) is also facing a bearish day. With its current price of $23,200, the crypto asset is 66% off its record high of $68,700 recorded in November 2021.

*Translated by Daniela Pereira do Nascimento with permission from

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