A drop in cryptocurrency prices has jeopardized major whales on the Maker platform, who hold significant sums in ETH. Here, we examine the details of their position and the overall market scenario.
Market Decline Threatens Whales
Onchain data provided by LookOnChain has indicated that the liquidation risk for two major whales on Maker is increasing as the price of Ethereum falls. Collectively holding 125,603 ETH, worth approximately $238 million, these whales are facing the threat of significant losses.
Details of Liquidation Risk
The health ratio of whales’ positions has dropped to 1.07. If the ETH price falls to $1,805 and $1,787 respectively, these whales will be liquidated unless they inject additional funds.
Current Market Situation
At the time of writing, Ethereum is trading at $1,875, but it has seen a drop to a low of $1,804 this month. Meanwhile, Bitcoin is maintaining its position above $80,000.
The situation in the crypto market remains tense, especially for large ETH holders. Potential liquidations might significantly impact the price volatility of leading cryptocurrencies.
