More Ethereum loans were liquidated in the first two weeks of April than in any month since June 2022.

While cryptocurrency prices have recovered modestly following yesterday’s sharp sell-off, liquidation volume in the Ethereum lending market has already reached its highest monthly value in years. Even though April is not even half over.

According to The Block’s data dashboard, lending protocol Aave accounts for the majority of liquidations, with about $80 million in liquidations and Compound’s liquidations accounting for about $50 million.

The last month with higher liquidations was June 2022, the month after the collapse of the $40 billion Terra ecosystem.

According to Colin Wu, the crash in CRV prices also put Curve founder Michael Egorov’s loans at risk of being liquidated. Although not liquidated, Egorov indicated his intention to reduce his exposure in a message on Curve Telegram reviewed by The Block.

There has been an increase in liquidations by lenders and traders recently as bullish bets intensify along with Bitcoin’s recent decline from its all-time high. According to CoinGlass data, cryptocurrency liquidations over the past three days totaled $1.7 billion, with most of the liquidations affecting bullish bets.

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