Bitcoin Surge Wipes Out Major Short Whales in Minutes
On March 5, Bitcoin suddenly spiked above $74,000, triggering a wave of liquidations across leveraged derivative platforms. Multiple high-leverage short positions held by large traders were rapidly wiped out, marking one of the most intense margin call events of the week.
A prominent whale address (0xebe), known for rolling over BTC short positions the previous day, faced two major liquidations within hours. A total of 214 BTC in short exposure was cleared — equivalent to approximately $15.7 million. The largest single liquidation reached 171 BTC, valued at around $12.6 million, making it the biggest individual short wipeout recorded on-chain that day.
Repeat Offenders Re-Enter Despite Heavy Losses
Other major players weren't spared. A whale starting with 0xe42 saw nine separate BTC short liquidations over 11 hours, totaling nearly $9.92 million in losses. Another, beginning with 0x1fd, lost $2.71 million in position value.
Remarkably, on-chain activity shows all three resumed trading shortly after — re-opening fresh high-leverage short positions. This aggressive rebound suggests strong conviction in a near-term price pullback, despite recent losses.
- Time of event: Around 1 AM on March 5
- Key price level: BTC broke $74,000
- Largest single liquidation: 171 BTC (~$12.6M)
- Total liquidated value: Over $28 million
- Post-liquidation behavior: Immediate re-entry into short market
The episode highlights the dangers of excessive leverage and the high-stakes psychology of top-tier traders. As Bitcoin remains volatile, such dramatic liquidation cycles may become increasingly common.