Whales on the Brink: $238 Million Ethereum Meltdown Looms! 🐋💸

by

Well now, gather ’round, folks, for I have a tale that would make even the most stoic of investors chuckle—or weep, depending on their disposition. Ethereum (ETH), that slippery little fish, has taken a nosedive, plummeting a staggering 44% in the year of our Lord, 2025. And lo and behold, two hefty whale accounts on the Maker exchange are teetering on the edge of a financial cliff, ready to take a plunge that would make a cannonball look like a gentle splash.

$238,000,000: Ethereum (ETH) whales of Maker on verge of liquidation

Now, these two whale-sized accounts, bless their hearts, are inching ever closer to a liquidation that would make a banker blush. If the price of Ethereum were to drop a mere 4% more, a whopping $238 million in long positions would vanish faster than a rabbit in a magician’s hat. This alarming news was brought to our attention by the fine folks over at Lookonchain, a crypto research platform that seems to have a knack for spotting trouble.

As the $ETH price drops, the 125,603 $ETH ($238M) held by these two whales on #Maker is at risk of liquidation again.

The health rate has dropped to $1.07, with liquidation prices at $1,805 and $1,787, respectively.

— Lookonchain (@lookonchain) March 29, 2025

On this fine day, March 29, 2025, the official Lookonchain account, boasting a following of over 580,000, shared this delightful tidbit. It seems these two whales, in a moment of questionable judgment, borrowed Dai (DAI) while pledging 125,603 Ethers (ETH) as collateral. At the current price of $1,874 per Ethereum, their health ratios have plummeted to a precarious 1.06-1.07, which is about as comforting as a cat in a room full of rocking chairs.

Should Ether (ETH) take a tumble to $1,805 and $1,787, these poor whales will find themselves swimming with the fishes—financially speaking, of course.

In the grand scheme of things, Ethereum (ETH), that second-largest cryptocurrency, has lost a staggering 6.3% in just the last week, bringing its year-to-date losses to a jaw-dropping 44%. Talk about a rough patch!

Ether as investment is completely dead, hedge fund manager says

Now, if you thought that was the end of the story, think again! The Ethereum to Bitcoin (ETH/BTC) rate has taken a nosedive to 0.02246, the lowest it’s been since early May 2020. It’s almost as if ETH/BTC is trying to set a record for being four times cheaper than it was back in the glory days of November 2021.

As the clouds of pessimism gather, investors are wringing their hands, for Ethereum (ETH) is on the brink of completing its worst Q1 in years. Macro investor Quinn Thompson, the Chief Investment Officer of Lekker Capital macro hedge fund, has declared it’s curtains for Ethereum (ETH) as an investment:

Make no mistake, ETH as an investment is completely dead. A $225 billion market cap network that is seeing declines in transaction activity, user growth, and fees/revenues. There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not.

Mr. Thompson, with a keen eye for the obvious, admits that while Ethereum (ETH) may be growing in ecosystem stature, it’s not exactly raking in the dough for its core asset. He suggests that the growth of Ethereum’s L2 tokens might be the only thing keeping the ship afloat in these turbulent waters.

Read More

2025-03-29 14:21