According to Ember, a whale or institution holding 65,000 ETH (about $120 million) is just $50 away from being liquidated. The address withdrew 2,000 ETH ($3.75 million) from Bitfinex and 1.54 million USDT from Binance four hours ago to replenish collateral and repay some of the debt, reducing its liquidation price from $1,932 to $1,836. However, the current ETH price is still close to the clearing line. The whale's ETH was purchased mainly through revolving loans in May 2022, with an average cost of about $2,088. The current floating loss has exceeded $14 million. If the ETH price falls further, the account may face large-scale forced position squaring.