As Ethereum prices sink toward dangerous territory, two massive crypto whales find themselves perched on the edge of financial disaster. These crypto heavyweights have a combined 125,603 ETH worth $238 million locked in Maker positions.
Problem is, their health ratios have plummeted to a terrifying 1.06-1.07. Just a 4% price drop from current levels around $1,874 would trigger liquidations. The situation was first highlighted on March 29, 2025 by crypto analytics platform Lookonchain.
The situation isn’t pretty. ETH has already tanked 44% this year and shed 6.3% in the past week alone. New local lows keep popping up. Compared to Bitcoin, Ethereum’s looking particularly pathetic—the ETH/BTC ratio sits at 0.02246, its lowest point since May 2020. Nearly a five-year bottom. Ouch.
Market sentiment? Absolutely in the toilet. Investors are running scared as Ethereum approaches its worst Q1 in years. Some big-shot macro investor even declared ETH “completely dead” as an investment. In fact, Quinn Thompson explicitly stated there’s no investment case for Ethereum despite its network utility. The debate rages on—is Ethereum just a utility network or an actual investment asset? Right now, it’s looking more like the former.
If these whale positions get liquidated, expect a bloodbath. Their $238 million in long positions would hit the market through Maker’s automated liquidation system. More selling, more price drops, more liquidations. A nasty downward spiral. They’re hanging by a thread with health ratios just above the critical 1.0 threshold.
The whales aren’t sitting idle, though. One repaid 1.53 million DAI while another added 30,000 ETH as collateral. Meanwhile, Longling Capital dumped 21,000 ETH on Binance. Remember them? They got wrecked with a 94,000 ETH liquidation back in 2022.
Broader market factors aren’t helping. Rising inflation fears, disappointing US economic data, and Trump’s tariff talk have investors dumping risk assets. Even US-listed Ethereum ETFs are bleeding money—over $400 million pulled out in late March.
The writing’s on the wall. Two whales with liquidation prices at $1,805 and $1,787. Current price: $1,874. Do the math.
