Ethereum’s price fluctuations have created a precarious situation for some major investors, known as “whales,” on MakerDAO. In fact, a staggering 125,603 ETH, currently valued at approximately $238 million, is now at risk of being liquidated.

Data tracked by blockchain analytics platform Lookonchain shows that one whale, who is holding around 64,793 ETH, is getting uncomfortably close to their liquidation price of $1,787.

As of writing, with ETH trading around $1,841, this whale is cutting it close – just $54 away from that critical liquidation point.

Interestingly, this isn’t the first time this whale has been in hot water. Back on March 11th, they narrowly avoided liquidation by partially repaying their debt following a sharp ETH price drop.

However, the current market downturn has put them right back into a risky position. Their “health rate” – an indicator of their position’s safety – is now just 1.04. Any further price dips could indeed trigger that automatic liquidation they’re trying to avoid.

And they’re not alone! Another whale has also deposited a substantial 60,810 ETH as collateral, borrowing 75.69 million DAI. Their liquidation threshold is set a bit higher at $1,805, meaning they too face automatic liquidation if ETH decides to take another tumble.

ETH Drops Below $1,900: ETFs, Hacker Sell-off, and Market Slump Add to Pressure

Ethereum has slipped below the $1,900 mark, marking a 6% drop over the last week. This isn’t happening in a vacuum either; the broader market is experiencing turbulence, and a bunch of negative factors are piling pressure on crypto prices.

Specifically, growing worries about inflation and disappointing economic data out of the US have caused investors to pull back from anything seen as “risky,” which unfortunately includes crypto. Adding to the unease, President Trump’s recent announcement of reciprocal tariffs, set to kick in on April 2nd, has injected even more uncertainty into the market.

Even Bitcoin, the king of crypto, saw a brief dip below $82,000 in early Saturday trading, before bouncing back a little to around $82,800.

Currently, BTC is hovering around $82,400, showing almost a 2% decrease over the past week, according to data from TradingView. And as Bitcoin sneezes, the altcoin market catches a cold – Ethereum included, of course.

Looking at the ETF market, US-listed spot Ethereum funds are still not showing much spark. Performance remains lackluster.

Data from Farside Investors’ data reveals a net outflow of over $400 million from these ETFs between March 5th and 27th. While there was a slight shift yesterday, with the ETFs collectively attracting almost $5 million, it’s still a drop in the ocean.

This sluggish uptake has definitely cooled investor excitement, but there’s still hope on the horizon. Many believe that allowing staking within these ETFs could be a game-changer and significantly boost demand. Several ETF managers are already trying to get SEC approval to add staking to their spot Ethereum offerings.

And there’s yet another factor potentially weighing on ETH’s price: a hacker is reportedly selling off a large stash of stolen Ethereum.

According to a preliminary report from Lookonchain, these hackers recently dumped a whopping 14,064 Ethereum that they managed to pilfer from THORChain and Chainflip.

Hackers are dumping $ETH!

2 new wallets(likely related to hackers) received 14,064 $ETH from #THORChain and #Chainflip, then dumped for 27.5M $DAI at an average selling price of $1,956.https://t.co/hSP1PRGpuLhttps://t.co/6axvL6d7Dg pic.twitter.com/7RoYCGMdWD

— Lookonchain (@lookonchain) March 28, 2025

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