A market-wide sell-off has produced severe liquidations among major traders, with Bitcoin dropping from $87,000 to below $81,000 over several days and dragging altcoins lower. Over-leveraged positions suffered the most as rapid price movements liquidated excessive open interest.
A $70 Million ETH Position Wiped Out
An anonymous Ethereum whale with a long position of 28,716 ETH was liquidated during the crash, losing the equivalent of $69.69 million. Despite the loss, the trader remained bullish on Ethereum and quickly opened a new leveraged long position of 78,955 ETH, worth over $195 million at the time. The liquidation level for the new position sits just under $2,300.
Ethereum fell from over $2,700 to $2,400 before recovering to around $2,500.
Another trader, Machi, lost $8.44 million over the past week, reducing account value to under $1 million. Machi maintains a long position of 9,950 ETH valued over $24.6 million, with a liquidation price at $2,431.
Trader Caught on Both Sides of the Market
AguilaTrades returned to active trading after more than six months away by opening a Bitcoin long position. The position was liquidated during the market crash, resulting in a $331,000 loss. The trader then opened a 40x short position on 200 BTC, worth approximately $16.35 million, betting on further declines.
The market reversed shortly after, liquidating the short position as well. Combined losses for the day totaled $545,000.
