Just caught something interesting on-chain. Looks like a major player got caught in a squeeze and had to move fast. They dumped 41,800 ETH across multiple wallets over the past 8 hours to dodge liquidation, pulling in around $94M in volume through Hyperunit. What happened subsequently was telling though - they immediately stashed all that ETH into Aave to cover their loans.

This isn't an isolated incident either. Since the market turned south on January 31, this entity has been bleeding ETH, selling off a total of 58,117 ETH (roughly $131M worth). Still holding 38,465 ETH staked on-chain and carrying 40 million USDC in borrowed positions.

It's the classic liquidation spiral pattern. When you're overleveraged and the market moves against you, you're forced to sell into weakness just to survive. Tells you something about the leverage situation in the market right now.