On March 2, data from Hyperinsight revealed that a former top BTC long position suffered a series of liquidations. The address experienced four additional liquidation events in just the last hour, losing about $3.9 million. Over the past 24 hours, the address has been liquidated 24 times, with its account balance plummeting from a high of $2.66 million to just $140,000—a drop of over 94.7%. The next liquidation level for its remaining BTC holdings is at $65,370.
Betting on War’s End for Market Recovery
On March 1, after news broke regarding the death of Iran's supreme leader, Ayatollah Khamenei, the investor made a swift move. Using 40x leverage, the trader placed a massive long bet on BTC, seemingly anticipating that the geopolitical event would signal the end of conflict and spark a market rebound. At one point, the BTC long position reached 1,000 BTC (approximately $66.83 million), making it the largest on-chain BTC long at the time, with a liquidation price around $66,560.
Using Unrealized Gains Led to Amplified Risk
Importantly, the capital fueling the BTC bet didn’t come from new deposits, but rather from unrealized gains in a SOL long position. On February 28, the address deposited approximately $470,000 into Hyperliquid, using leverage to buy SOL at an average price of $78 per coin. The next day, SOL rose to $88, increasing the trader’s capital by over fivefold. These floating profits enabled the BTC gamble but also heightened liquidation risks across both positions as prices declined.