Market Volatility Triggers Massive Liquidations
Fueled by BTC price dropping below $88,000, the market experienced significant turbulence, leading to large-scale liquidations of a whale's long positions.
- The largest single liquidation reached $31.64 million, setting the highest 24-hour record across the market.
- Within the past two hours, the user was liquidated for a total of approximately $39.4 million, completely wiping out their 40x leveraged BTC long positions.
- The account had only around $350,000 left, which was then used to open ETH short positions.
The Liquidation King Sets New Records
Earlier in the morning, the user had already seen approximately $22.37 million in BTC longs liquidated, setting the previous market record. This latest liquidation once again broke their own and the market’s records.
Reversing Strategy to Short ETH
After the massive liquidation, the user used the remaining funds to open a 25x leveraged ETH short position valued at approximately $8.9 million, with a liquidation price at $3,003.
History of Major Liquidations
Previously, this whale was the largest short-seller in BTC, ETH, and other cryptocurrencies, with total positions nearing $500 million. Recent large-scale liquidation events include:
- January 22: Approximately $199 million
- January 26: Approximately $120 million
- January 28: Approximately $83 million
- January 29: Approximately $61 million in long liquidations