A crypto whale with a $340 million position in Ethereum is making quick moves to prevent a liquidation as ETH plummets in value.
According to on-chain data tracker Lookonchain, a deep-pocketed whale with a 220,000 ETH long position on the decentralized finance (DeFi) platform Maker (MKR) suddenly deposited more than 3 million DAI to help avoid liquidation.
“A whale with 220,000 ETH ($340 million) on Maker just repaid 3.52 million DAI and deposited 10,000 ETH -lowering the liquidation price to $1,119.30. If ETH drops to $1,119.30, the 220,000 ETH ($340 million) will be liquidated.”
Other crypto whales are also looking at massive liquidations if they don’t act quickly. Financial markets have been trending lower ever since US President Donald Trump announced on April 2nd high tariffs on countries around the world.
Lookonchain notes one whale is facing a $77 million ETH liquidation after the top altcoin by market cap dipped into the $1,400 level.
“As ETH drops below $1,500, this whale is about to be liquidated for 53,074 ETH ($77 million)! If this whale does not increase collateral or repay debt, he will be liquidated for 53,074 ETH ($77 million).”
As markets extended their sell off Monday, ETH collapsed to a low of $1,431, and has since regained some losses.
ETH is trading for $1,548 at time of writing, down 11.8% in the last 24 hours.
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