{"id":22772,"date":"2025-04-07T10:45:44","date_gmt":"2025-04-07T07:45:44","guid":{"rendered":"https:\/\/forklog.com\/en\/market-correction-triggers-106-million-ethereum-whale-liquidation\/"},"modified":"2025-04-07T10:45:44","modified_gmt":"2025-04-07T07:45:44","slug":"market-correction-triggers-106-million-ethereum-whale-liquidation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/market-correction-triggers-106-million-ethereum-whale-liquidation\/","title":{"rendered":"Market Correction Triggers $106 Million Ethereum Whale Liquidation"},"content":{"rendered":"<p>A major Ethereum holder faced a forced position closure of 67,570 ETH ($106 million) on the DeFi platform<a href=\"https:\/\/forklog.com\/en\/news\/makerdao-rebrands-as-sky-introduces-new-tokens\"> Sky<\/a> after the collateral ratio fell below the liquidation threshold.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> plummeted, the 67,570 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($106M) held by this whale on <a href=\"https:\/\/twitter.com\/hashtag\/Maker?src=hash&#038;ref_src=twsrc%5Etfw\">#Maker<\/a> was liquidated!<a href=\"https:\/\/t.co\/kXSkKh1H0P\">https:\/\/t.co\/kXSkKh1H0P<\/a> <a href=\"https:\/\/t.co\/IDjzbQ8P3z\">pic.twitter.com\/IDjzbQ8P3z<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1909039852848656653?ref_src=twsrc%5Etfw\">April 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The catalyst was a 12.5% drop in the price of the second-largest cryptocurrency by market capitalization <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tumbles-below-75000\">on the evening of April 6<\/a>. The following day, prices had already fallen 9%, dropping below the $1500 mark.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1494.webp\" alt=\"1-1494\" class=\"wp-image-255930\"\/><figcaption class=\"wp-element-caption\">Daily ETH\/USDT chart on Binance. Data:<a href=\"https:\/\/ru.tradingview.com\/symbols\/ETHBTC\/\"> TradingView<\/a>.<\/figcaption><\/figure>\n<p>In the event of a liquidation, Sky seizes the collateral coins for auction to recover the borrowed DAI plus fees. Any remaining amount after covering obligations is returned to the platform user. Subsequently, the protocol burns the received stablecoins, reducing issuance.\u00a0<\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/liquidations\/eth?stackBy=protocols\">DeFi Llama<\/a>, there is a user on Sky with a $79.4 million position that could be forcibly closed if oracles record the Ethereum price below $1495.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"197\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1495-1024x197.png\" alt=\"1-1495\" class=\"wp-image-255932\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1495-1024x197.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/1-1495-300x58.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-1495-768x148.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/1-1495.png 1432w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: DeFi Llama.<\/figcaption><\/figure>\n<p>According to<a href=\"https:\/\/www.coinglass.com\/LiquidationData\"> Coinglass<\/a>, over the past 24 hours, more than 440,000 traders were liquidated for $1.36 billion, including $388.9 million in the second-largest cryptocurrency by market capitalization.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"349\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-1059-1024x349.png\" alt=\"2-1059\" class=\"wp-image-255931\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-1059-1024x349.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/2-1059-300x102.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-1059-768x262.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/2-1059.png 1427w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Coinglass.<\/figcaption><\/figure>\n<p>Back in August 2024, MakerDAO rebranded to Sky.<\/p>\n<p>In March 2025, Lookonchain <a href=\"https:\/\/forklog.com\/en\/news\/whale-dodges-16-million-penalty-amid-75-million-defi-liquidation\">identified<\/a> a forced position closure of 67,675 ETH ($121.8 million). The user deposited 2,000 ETH ($3.73 million) and 1.54 million DAI to lower the liquidation level to $1836.43, but spot market prices fell below this threshold.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A major Ethereum holder faced a forced position closure of 67,570 ETH ($106 million) on the DeFi platform Sky after the collateral ratio fell below the liquidation threshold. As $ETH plummeted, the 67,570 $ETH($106M) held by this whale on #Maker was liquidated!https:\/\/t.co\/kXSkKh1H0P pic.twitter.com\/IDjzbQ8P3z \u2014 Lookonchain (@lookonchain) April 7, 2025 The catalyst was a 12.5% drop [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1100,1145],"class_list":["post-22772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-makerdao","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22772"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22772\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22771"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}