Ethereum ($ETH ), the second-largest crypto asset with a $300 billion market cap, faced an unprecedented series of cascading liquidations yesterday, marking the largest in its history.

On-chain liquidations in Ethereum DeFi protocols hit a record $400 million, with significant liquidations occurring in the AAVE protocol, a top lending platform on Ethereum. At one point, ETH plummeted by 17% in just 4 minutes. This is not a meme coin; we're talking about a heavyweight asset.

Simultaneously, centralized exchanges registered an abnormal volume of margin calls on futures and derivatives, exceeding $1 billion in a single day, with a substantial portion tied to Ethereum.

This scenario is reminiscent of the record liquidations Solana experienced in fall 2022, during the FTX collapse, which saw SOL's price drop to $8. Have we witnessed the bottom for Ethereum? It’s hard to say. However, missing the opportunity to buy during such pivotal moments is something I wouldn’t forgive myself for.