Bitcoin price drop from $87k to $81k triggered $70M+ liquidations for leveraged traders, including a whale holding 78,955 ETH.
DeFi & Yields ·
Bitcoin's sharp decline from $87,000 to under $81,000 in a matter of days triggered substantial liquidations among leveraged traders. An Ethereum whale bearing a 28,716 ETH long position was wiped out for approximately $70 million, yet the trader doubled down by opening a new ETH long, now holding 78,955 ETH valued above $195 million with liquidation levels positioned just under $2,300. The rapid price movement was attributed to excessive open interest compounding the market's volatility.
AguilaTrades faced a compounded sequence of losses after returning from six months of inactivity. The trader opened a BTC long position that was caught in the crash, closing for a $331,000 loss. Attempting to capitalize on the downturn, the trader subsequently opened a 40x short on 200 BTC valued around $16.35 million, only to be caught on the wrong side of a market reversal. Total losses for the day reached $545,000 across both positions.
What remains unclear is whether the anonymous whale's new position will maintain its liquidation threshold as ETH continues to fluctuate, and whether traders caught in this round of liquidations will adjust their leverage going forward.