A massive Ethereum whale just had their crypto dreams crushed, losing a staggering $106 million as plummeting prices triggered a brutal liquidation event. The carnage unfolded on Maker, a DeFi platform, where 67,570 ETH went up in smoke after Ethereum’s price took a nasty 10% dive from above $1,800 to around $1,500.
Talk about a bad day at the office. The whale’s position got hammered when their collateralization ratio dropped below 150%, hitting a painful 144%. In the ruthless world of DeFi, that’s all it takes. Maker’s automated systems kicked in, seizing and auctioning off the collateral faster than you can say “rekt.”
The bloodbath wasn’t isolated. The broader crypto market got absolutely pummeled, with total market cap dropping 8% to $2.6 trillion. Blame it on geopolitical tensions and Trump’s new tariffs – the perfect storm for a market meltdown. Major cryptocurrencies like XRP, Solana, and Cardano all took hits between 10-11%. Ouch.
Crypto market craters amid global chaos, as Trump’s tariffs and political tension spark an epic $2.6 trillion meltdown.
The carnage spread like wildfire, with $1.36 billion in liquidations across the market in just 24 hours. That’s 441,856 traders getting their positions wiped out. Ethereum bore the brunt of it, with prices hitting $1,547 – the lowest since October 2023. Some opportunistic buyers jumped in for the bargains, because crypto traders never learn.
Currently trading at $1,447.43, Ethereum sits a whopping 68% below its all-time high from 2021. This whale’s catastrophic loss goes down as one of the largest single-liquidation events ever recorded on Maker. It’s a stark reminder that even the biggest fish can get caught in DeFi’s treacherous waters.
The drama might not be over. Analysts are watching nervously as more positions teeter on the edge of liquidation. Unless borrowers beef up their collateral, we might see more whales getting harpooned by the market’s savage swings. The switch to Proof of Stake has made Ethereum more energy-efficient but hasn’t shielded it from market volatility.
