Ethereum Whale Loses Over $106 Million as ETH Price Crashes

Highlights:

• The Ethereum whale lost $106 million as 67,570 ETH were liquidated on the Sky platform.
• The crypto market faces fresh selling pressure as Bitcoin falls below $78,000, CoinGecko reports.
• Ethereum whales seized the dip, acquiring over 130,000 ETH as the price dropped below $1,800.

​An Ethereum Whale experienced a substantial loss when 67,570 ETH, valued at approximately $106 million, were liquidated on the decentralized finance (DeFi) lending platform Sky. This liquidation occurred after Ether’s price declined by about 14% on April 6, dropping from over $1,800 to around $1,500. The sharp price decrease led to the liquidation of the investor’s collateralized debt position, as reported by Lookonchain.

As $ETH plummeted, the 67,570 $ETH($106M) held by this whale on #Maker was liquidated!https://t.co/kXSkKh1H0P pic.twitter.com/IDjzbQ8P3z

— Lookonchain (@lookonchain) April 7, 2025

Sky, formerly Maker, rebranded in August and is used by DeFi participants to create collateralized debt positions. Users provide crypto, such as ETH, to borrow DAI, the platform’s stablecoin. The system requires overcollateralization, typically around 150% or higher. This means users must deposit at least $150 worth of ETH to borrow 100 DAI.

The protocol automatically tracks the value of ETH collateral against the borrowed DAI. If the ETH value drops and the collateral ratio falls below the minimum threshold, the position becomes eligible for liquidation. The whale’s position was liquidated when the ratio dropped to 144% as ETH’s price fell.

Crypto Market Faces Selling Pressure as Bitcoin and Ethereum Fall

After showing resilience on Friday despite US stock market drops, the crypto market is now facing fresh selling pressure. Bearish sentiment, fueled by President Trump’s aggressive tariffs, caused Bitcoin to fall below $78,000, as reported by CoinGecko. The decline spread beyond Bitcoin and Ethereum, with the total crypto market cap falling by around 8% to $2.6 trillion.

XRP dropped 11% in the last 24 hours, falling below $1.9, while BNB declined 6% to $564. Solana, Dogecoin, and Cardano each saw drops of around 10%, and TRON experienced smaller losses of 3%. The recent decline pushed the ETH/BTC trading pair to 0.021 on April 6, its lowest point since March 2020. In another report, Lookonchain revealed that an investor panic-sold 14,014 ETH, worth around $22 million, earlier this evening.

Whales Seize Market Dip to Accumulate More ETH

Despite the market turbulence, some whales are seizing the dip to accumulate more ETH. One whale, known as “7 Siblings,” recently purchased 24,817 ETH for roughly $42 million, bringing their total holdings to over 1.2 million ETH, valued at around $1.9 billion, according to Lookonchain. Since February 3, this investor has spent nearly $230 million to acquire 103,543 ETH, currently facing a loss of $64 million on their holdings.

Whale "7 Siblings" spent $42.2M to buy 24,817 $ETH at $1,700 again.

Since Feb 3, 7 Siblings has spent $229.7M to buy 103,543 $ETH at $2,219, currently sitting on a loss of $64M.

7 Siblings now holds over 1.21M $ETH($1.93B) in 2 wallets.https://t.co/Ro9tOSwIDs pic.twitter.com/NofwWpDdyV

— Lookonchain (@lookonchain) April 7, 2025

Ethereum whales acquired over 130,000 ETH on Wednesday as the price of the second-largest digital asset dropped below $1,800, its lowest point since November, according to IntoTheBlock.

Ethereum whales are buying the dip, with the largest $ETH wallets adding over 130k ETH to their wallets yesterday pic.twitter.com/hLbDhO3Z6n

— IntoTheBlock (@intotheblock) April 3, 2025

Ethereum’s market dominance has fallen to a five-year low, dropping below 9.4%. The second-largest crypto faces growing challenges to maintain its position as the King of altcoins. Ethereum’s slow decline reflects a shift in investor sentiment, while Bitcoin’s rising dominance, now around 60%, has added to its struggles.