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Ethereum DeFi Shock: 3% Move Triggers $36M Liquidations
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Ethereum DeFi liquidations returned to the spotlight on Tuesday 25 August 2026, after a 3% price move in one token triggered around $36.4 million in liquidations on Morpho. The trigger was not a broad market crash. PeckShield identified a single wallet that bought YT-reUSD aggressively, pushed the implied yield above 20%, and then sold shortly afterwards. Pendle confirmed its price feed operated as designed, while Steakhouse Financial stated lenders were unaffected and no bad debt occurred. These events matter because they show a 3% move can be a targeted, high-impact event when leverage is extreme. In this video, we analyse how a single wallet spent roughly $320,000 in 11 rapid trades on Pendle, pushed the implied annual yield on YT-reUSD above 20%, and caused 33 liquidation events across 19 to 20 borrower positions. You will learn why loan-to-value ratios near 91.5% left borrowers…
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Market context for assets mentioned
Cached reference prices help place the video in time. They do not validate a forecast or provide a trading signal.
EthereumETH- Current reference
- $2,451
- Nearest saved price to publication
- $2,470
- Change between saved points
- -0.80%
TetherUSDT- Current reference
- $0.999848
- Nearest saved price to publication
- $1.00
- Change between saved points
- -0.03%
USDCUSDC- Current reference
- $0.999877
MorphoMORPHO- Current reference
- $2.52
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Analysis last updated August 25, 2026 · Read the methodologyRead the creator’s original video description
Ethereum DeFi liquidations returned to the spotlight on Tuesday 25 August 2026, after a 3% price move in one token triggered around $36.4 million in liquidations on Morpho. The trigger was not a broad market crash. PeckShield identified a single wallet that bought YT-reUSD aggressively, pushed the implied yield above 20%, and then sold shortly afterwards. Pendle confirmed its price feed operated as designed, while Steakhouse Financial stated lenders were unaffected and no bad debt occurred. These events matter because they show a 3% move can be a targeted, high-impact event when leverage is extreme. In this video, we analyse how a single wallet spent roughly $320,000 in 11 rapid trades on Pendle, pushed the implied annual yield on YT-reUSD above 20%, and caused 33 liquidation events across 19 to 20 borrower positions. You will learn why loan-to-value ratios near 91.5% left borrowers with almost no price cushion, and how automated repayments covered $35.19 million in USDC debt and $960,000 in USDT debt. We also put the event in context with last week's $2.99 billion crypto short squeeze and the $8.5 million Term Finance governance exploit. • How a 3% PT-reUSD price drop caused $36.4 million in Ethereum DeFi liquidations on Morpho • The exact Pendle trade strategy: 11 trades, $320,000, and YT-reUSD yields above 20% • Why loan-to-value ratios near 91.5% made these DeFi positions extremely fragile • The wider August 2026 context: short squeezes, ETH volatility, and protocol governance exploits • What lenders, borrowers, and yield traders should watch next after this cascade Watch until the end to understand the full mechanics and what this signals for the next week in DeFi, and