Ethereum (ETH) Whales Close to Liquidation, $238 Million to Be Erased

As Ethereum ($ETH) is touching new local lows, being 44% down in 2025, two notable whale positions on the Maker exchange are close to a massive liquidation. $ETH/$BTC yet again hit multi-year lows, while seasoned investors turn extremely bearish on the second largest cryptocurrency.

$238,000,000: Ethereum ($ETH) whales of Maker on verge of liquidation

Two whale-size accounts on Maker, a large-scale DeFi, inch closer to a nine-digit liquidation. Should the Ethereum ($ETH) price drop by another 4%, $238 million in Ethereum ($ETH) long positions will be erased. This alarming situation was noticed by Lookonchain, a crypto research platform.

The observation was shared today, March 29, 2025, by the official Lookonchain account on X with 580,000+ followers.

Two whales borrowed Dai (DAI), pledging 125,603 Ethers ($ETH) as collateral. At current prices of $1,874 per Ethereum ($ETH), health ratios for both loans dropped to 1.06-1.07, which is extremely close to the forced liquidation level.

As such, the two Maker whales will be losing their positions once Ether ($ETH) drops to $1,805 and $1,787, respectively, data says.

Ethereum ($ETH), the second-largest cryptocurrency, lost 6.3% in the last week, expanding its year-to-date losses over a whopping 44%.

Ether as investment is completely dead, hedge fund manager says

The Ethereum to Bitcoin ($ETH/$BTC) rate plunged to 0.02246, which is the lowest since early May 2020. As such, $ETH/$BTC is targeting five-year lows, being almost 4x cheaper compared to the November 2021 peak.

Investors' pessimism accelerates as Ethereum ($ETH) is close to completing its worst Q1 in years. Macro investor Quinn Thompson, CIO of Lekker Capital macro hedge fund, says it is over for Ethereum ($ETH) as an investing instrument:

Make no mistake, $ETH as an investment is completely dead. A $225 billion market cap network that is seeing declines in transaction activity, user growth and fees/revenues. There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not.

The prominent investor admits that Ethereum ($ETH) demonstrates huge delineation between the growth of the ecosystem and the value accrual to its core asset. He opined that the ecosystem growth might be contributing to the macro performance of Ethereum's L2s tokens.