A major Ethereum investor faced devastating losses as the cryptocurrency market experienced a sharp decline on Sunday evening. The whale lost 67,570 ETH tokens, valued at approximately $106 million, through liquidation on the Maker protocol as Ethereum's price tumbled over 10%.
The price drop saw ETH fall from above $1,800 to around $1,500, part of a broader cryptocurrency market downturn that affected multiple digital assets. The total crypto market capitalization decreased by roughly 8% to $2.6 trillion.
The market decline came as renewed selling pressure hit cryptocurrencies following President Trump's announcement of aggressive tariffs. Bitcoin dropped below $78,000, while other major cryptocurrencies also posted substantial losses. XRP fell 10% to under $1.9, and BNB declined 5% to $562. Solana, Dogecoin, and Cardano each saw approximately 11% drops.
Adding to the market turmoil, another investor panic-sold 14,014 ETH worth about $22 million during the evening. The ETH/BTC trading pair reached 0.021, its lowest level since March 2020.
However, some large investors view the market dip as a buying opportunity. A prominent whale known as "7 Siblings" acquired 24,817 ETH for around $42 million, bringing their total holdings to over 1.2 million ETH, valued at approximately $1.9 billion. Since February 3, this investor has invested nearly $230 million in purchasing 103,543 ETH, though they currently face a $64 million loss on these accumulated positions.
Data from IntoTheBlock shows that whales accumulated 130,000 ETH on Thursday when the asset initially dropped below $1,800 following the tariff announcement, suggesting some large investors remain confident in Ethereum's long-term prospects despite short-term market volatility.