ETH Whale Almost Liquidated $75 Million on Maker

Despite an urgent effort to save the position, the risk of liquidation is not completely gone if ETH continues to hover near the whale’s liquidation level.

A narrow escape

A crypto whale is in dire straits, having almost been liquidated from an eight-figure loan on Maker amid the crypto market’s extreme volatility.

The whale initially had a 75 million DAI loan, secured by 65,675 ETH with a collateral ratio of 176%, and a liquidation price of around $1,932.08. Facing the risk of closing the position, he “stuffed” more than $4 million in ETH from Bitfinex, bringing the liquidation price down to $1,874.98, raising the collateral ratio to 181.95%.

The whale then continued to defend his position:

• Withdrawn over $1.5 million USDT from Binance.

• Swapped USDT to DAI on Uniswap.

• Payed down debt, bringing the liquidation price down to $1,781.28.

• After the liquidity injection, the whale's loan value was reduced from $75 million to $67.89 million.

Despite the rescue move, the whale is not completely out of danger. If ETH continues to fall sharply, he will have to pump in more collateral or pay down debt to avoid liquidation. ETH is currently trading around $1,861, down nearly 10% over the past 24 hours, only about 4.3% away from the whale's liquidation price!

He also nearly faced a $16 million penalty for liquidation if he did not promptly add 2,000 ETH to his vault right before the position was closed.
On-chain data shows that the whale is a “long-time” user of Maker, who started borrowing on the platform in 2021. Maker is a decentralized lending platform that allows users to borrow DAI by overcollateralizing other assets.

Chronicle Labs, the developer of Maker’s oracle, said that the system updates prices every hour, using the average price of the previous hour. This helps warn users before liquidation, giving them more time to add more collateral or pay down debt to protect their positions.

Bad macro leads to crypto market plunge

The event took place in the context of the entire financial market being under great pressure. Analysts predict a sharp correction in the stock market and risky assets, after President Trump announced to maintain the tariff policy, raising fears of a US economic recession.

The crypto market is also not immune to the impact, especially after the Crypto Summit at the White House ended without any new progress.
Bitcoin price once again "broke" the $ 80,000 barrier, ETH also failed to hold the $ 2,000 mark for the first time in many months, causing a wave of liquidations on DeFi platforms.

According to Coinglass statistics, the amount of liquidations in the derivatives market in the past 24 hours has reached more than $ 930 million, continuing a series of consecutive days witnessing liquidations of over $ 500 million since the end of February 2025 until now, with the long side accounting for 80%.