Early on January 24, the market experienced sharp volatility, with Bitcoin briefly surging past $91,000 and Ethereum climbing above $3,000. These sudden price swings triggered the forced liquidation of a trader's large short positions, with the total value of the liquidation reaching approximately $60 million.
According to on-chain data monitoring, the trader's short position size has dropped from an initial $300 million to $238 million. Floating profits have also sharply declined from a high of $24 million just two days ago to around $4 million today.
This market fluctuation serves as a reminder of the importance of risk management during extreme conditions in the crypto market.