Ethereum [ETH], the world’s largest altcoin, has suffered extensively in June. ETH fell below $1,000 for the first time in more than a year as the broader crypto-market continues to slide south with no quick remedy in sight. That being said, ETH might have one — thanks to the ‘much anticipated,’ but delayed, Merge.

Ethereum seems to be setting a new record, however, not the most pleasant one. The cryptocurrency saw a massive sell-off on the market between 18 June and 19 June. As per on-chain and market tracker Dune Analytics, the liquidation picture was painted as –

Source: Dune Analytics

An address ending with “c2B3c” noted the single-largest liquidation in the platform’s history, losing over 71,800 ETH collateral positions on liquidity at approximately $927.

<p lang=«en» dir=«ltr» xml:lang=«en»>According to Dune Analytics, 0x2291F52bddc937b5B840d15E551e1DA8C80c2B3c liquidated a 71,863.47ETH collateral position in Liqutiy at $927.13 at 19:39 UTC on June 18, setting the largest single liquidation record for Liquity. https://t.co/MdG4XASrHm

— Wu Blockchain (@WuBlockchain) June 19, 2022

Now, at press time, figures for the same were noting a green uptick on the charts. However, it would take a while to replenish those TVL reserves. With ETH recording a 14% hike, at the time of writing, on the back of it crossing $1,000, there may be a good start to see.

Despite an obviously turbulent journey, ETH holders still remain faithful and trust the much-anticipated transition (The Merge), the long-awaited upgrade. The number two cryptocurrency will soon switch to a Proof-of-Stake (PoS) model, a change that should eliminate concerns about Ethereum’s environmental impact. Likewise, it will also improve its transaction speed.

To achieve its