🚨 According to monitoring, the address' 0xde56... 3a91 'has been cleared on the chain, with a clearing scale of 626.63 WETH worth approximately $132w—— Let's make a pessimistic assumption first: If there really is a clearing waterfall, what potential transmission paths will there be in the future? one ⃣ If ETH falls below $1919 and triggers the first round of liquidation, there will be a concentrated release of 6.6w ETH selling pressure, which may exacerbate short-term liquidity constraints and further lower prices. two ⃣ The spot selling caused by liquidation may lower the futures fund rate, attract arbitrage funds to short perpetual contracts, and form a negative feedback loop of "spot price decline → fund rate turning negative → short position increase" (refer to the ETH liquidation waterfall case during UST's de anchoring period in May 2022). three ⃣ Cross protocol chain reaction, some liquidated positions may trigger chain liquidation in other protocols. If a user mortgages ETH on Aave to borrow MKR, and then deposits the MKR into MakerDAO for secondary borrowing, it forms a nested cross protocol leverage. The current ETH price has fallen below 2100, and the next three key clearing points are 1919, 1831, and 1787. We mean, whether we can still have a comfortable weekend depends on today!