According to monitoring data, a certain whale has collateralized 292.77 WBTC (worth approximately $23.05 million) and 964.39 COMP (worth approximately $38,000) on the lending platform, borrowing USDT and DAI. The current liquidation price is set at $76,284. If the WBTC price falls below this threshold, its collateral assets may be forcibly liquidated. The following is a comprehensive analysis:
According to monitoring data, a certain whale has collateralized 292.77 WBTC (worth approximately $23.05 million) and 964.39 COMP (worth approximately $38,000) on the lending platform, borrowing USDT and DAI. The current liquidation price is set at $76,284. If the WBTC price falls below this threshold, its collateral assets may be forcibly liquidated. The following is a comprehensive analysis:
1. Collateral Structure and Risk Exposure
- Collateral Asset Ratio: WBTC accounts for 99.8% of the total collateral value, while COMP only accounts for 0.2%, indicating the whale's high dependence on the price stability of WBTC.
- Liquidation Price Sensitivity: If the current WBTC price drops by about 2.6% (estimated at approximately $78,300 on April 7, 2025), it will trigger the liquidation mechanism, putting about $23 million of assets at risk of forced liquidation.
2. Historical Liquidation Case Comparisons
- Compound Platform Liquidation Case: In September 2024, a certain whale was liquidated on Compound for 488.45 WBTC (worth $26.47 million at that time) due to a drop in the WBTC price, with a health ratio as low as 1.07 and a liquidation price of $50,429. This address had already been liquidated 3 times during the bear market in 2022, with total losses exceeding $32 million.
- Response Strategy Differences: Unlike the current whales, some whales choose to actively adjust their positions when facing liquidation risks. For example, in August 2024, a certain whale, after being liquidated on ETH, borrowed stablecoins to add 4,459 ETH to reduce subsequent risks.
3. Platform Mechanisms and Grace Period
- Oracle Delay Mechanism: If this whale uses platforms like MakerDAO that support Oracle Security Modules (OSM), even if the WBTC price temporarily falls below the liquidation point, liquidation will not be executed immediately, giving the whale about 1 hour for remedial action (such as repayment or adding collateral).
- Market Volatility Impact: Recent fluctuations in the crypto market have intensified; for example, in March 2025, the liquidation price of large ETH collateral positions was actively lowered due to whale sell-offs of altcoins, indicating that some large holders are taking defensive actions.
4. Potential Response Strategies and Market Impact
- Active Repayment or Margin Addition: Whales may emulate other cases by selling part of their assets (such as COMP) to exchange for stablecoins for repayment, or adding collateral (such as ETH or other tokens) to improve their health ratio.
- Chain Liquidation Risk: If the WBTC price drops rapidly, large-scale liquidations could exacerbate market selling pressure, similar to the WBTC liquidation event on Compound in September 2024, which caused an expansion in short-term price volatility.
Summary
This whale's high-leverage WBTC collateral position faces significant market risks and requires close monitoring of price fluctuations and platform liquidation mechanisms. Historical cases indicate that actively adjusting positions or utilizing grace periods are key strategies to avoid losses. If liquidation is triggered, it could impact the short-term liquidity of WBTC.
