According to @EmberCN, a sharp decline this morning led to the liquidation of leveraged ETH whales on-chain. The liquidations further fueled the drop, causing ETH prices to fall by over 20%. Notable whale addresses that were liquidated include 0x1111567e0954e74f6ba7c4732d534e75b81dc42e, which was liquidated for 6,559 ETH to repay 277.9 WBTC loans, and 0x4196c40de33062ce03070f058922baa99b28157b, which was liquidated for 2,965 ETH.