Seven wallets on Spark Protocol have quietly locked up $17.65 billion in $ETH , yet they’ve only drawn $193 million in stablecoins against it. That’s a staggering 9,100% collateralization ratio, essentially untouchable unless $ETH collapses all the way to $200.
At a borrowing cost of just 3.5%, they’re pulling a 10% yield on the capital they’ve taken out. Even a 95% market crash wouldn’t shake this fortress like setup.
This isn’t retail behavior. These are whales constructing positions designed to withstand almost any scenario. Moves like this aren’t made casually, they’re signals. When capital this large builds defenses so strong, it suggests they’re preparing for something on the horizon.
