According to on-chain analyst Ember, with the sharp drop this morning, some on-chain leveraged ETH whales were liquidated. The liquidation also boosted the decline, causing the ETH price to fall by more than 20%.
Some of the whale addresses that were liquidated:
0x1111567e0954e74f6ba7c4732d534e75b81dc42e
6,559 ETH were liquidated to repay 277.9 WBTC loans;
0x4196c40de33062ce03070f058922baa99b28157b
2,965 ETH were liquidated to repay 7.2 million USDT loans;
0x790c9422839fd93a3a4e31e531f96cc87f397c00
2,771 ETH were liquidated to repay 6.06 million USDC Loans;
0x5de64f9503064344db3202d95ceb73c420dccd57
2,358 ETH were liquidated to repay 5.17 million USDC loans.