BTC drops below $60,000, ETH falls below $1,600 – Are crypto whales trying to hold the market?
- Key Insight: The recent cryptocurrency market (BTC, ETH, SOL) has hit new lows not seen in nearly 20 months, triggering massive liquidations ($971 million in 24 hours). Multiple crypto whales on platforms like Hyperliquid have suffered significant unrealized or realized losses from high-leverage long positions on ETH and BTC, exposing the risks of long positions under extreme market volatility.
- Key Elements:
- Market Data: BTC fell to $60,000, ETH fell to $1,600; $971 million liquidated in 24 hours, with long position liquidations accounting for $785 million and shorts only $186 million.
- Hyperliquid's Largest Long Position Holder: Holds 120,000 ETH in long positions, with unrealized losses exceeding $77 million; urgently added $8 million in margin to avoid liquidation.
- "Loyal Long" Machi (Jeffrey Huang): Cumulative losses exceed $33.75 million; liquidated on a 25x ETH long position this morning, losing $1.81 million, but continued to open new long positions.
- "October 11 Insider Whale" Garret Jin: Holds 1,270 BTC in long positions with an average entry price of $76,117, unrealized losses of $18.4 million, liquidation price relatively healthy.
- High Win-Rate ETH Trader: Profited $4.29 million from the first 15 trades, but recently suffered actual losses exceeding $2.85 million on an 18x leveraged long position, ultimately exiting the market with a data-based profit.
- Short Whale Suspected of Dumping ETH: Transferred 6,855 ETH (bought at an average price of $1,881) to Binance, locking in losses at $2.625 million, reflecting disappointment with ETH's price.
Original｜Odaily Planet Daily (@OdailyChina)
Author｜Wenser (@wenser2010 )
In the early hours of today, BTC briefly dropped below $60,000 and is now trading around $60,800; ETH briefly fell below $1,600 and is currently around $1,620; SOL briefly dipped below $65 and is now around $67. According to Coinglass data, total liquidations in the past 24 hours reached $971 million, with BTC liquidations amounting to nearly $400 million and ETH liquidations totaling nearly $220 million; long position liquidations accounted for $785 million, while short position liquidations totaled $186 million.
Behind this market downturn, the first in nearly 20 months, lie the "blood-stained chips" from the long positions of crypto whales—a scene of widespread losses and countless casualties among the bulls.
Hyperliquid's Largest Bull: Holds 120,000 ETH Long Positions, Floating Loss Exceeds $77 Million
The biggest victim of the market decline is currently the largest trader on the Hyperliquid platform.
On June 23, seven of his addresses opened long positions worth $415 million, which at one point saw a floating loss of up to $91.46 million, approaching $100 million.
Currently, he still holds long positions on 120,000 ETH, with a floating loss exceeding $77 million. Early this morning, he urgently added $8 million in margin to keep the liquidation price below $1,200, which remains relatively healthy; he also still holds over $6 million in USDC on-chain that can be used as margin.
Key addresses are as follows:
- 0xa875890465da20062bcf3b024bf7d54e69c725a8 (Holds 30,000 ETH with 20x leverage long position, floating loss of $18.8 million);
- 0xfd423284f6a9c73a2a3d53cab8921d6533533d97 (Holds 10,000 ETH with 20x leverage long position, floating loss of $6.64 million);
- 0x6c8512516ce5669d35113a11ca8b8de322fd84f6 (Holds 40,000 ETH with 20x leverage long position, floating loss of $25.9 million);
- 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41 (Holds 40,000 ETH with 15x leverage long position, floating loss of $25.93 million).
"Loyal ETH Bull Guard" Machi: Cumulative Losses Exceed $33.75 Million on a Single Address
As one of the most steadfast and frequent traders on the market, Machi (Jeffrey Huang) has demonstrated a well-known persistence in holding long positions on ETH.
On June 23, he was liquidated 7 times on the Hyperliquid platform within 10 hours, yet he chose to continue going long on ETH.
Early this morning, his 25x leverage long position on ETH was liquidated again, incurring losses of over $1.81 million; his cumulative losses on that address have now exceeded $33.75 million. Currently, he has once again opened a 25x leverage long position on ETH, but with a smaller size of only 920 ETH, valued at approximately $1.5 million, with an unrealized profit of around $20,000 and a liquidation price temporarily reported at about $1,591.
View Address: https://hyperbot.network/trader/0x020ca66c30bec2c4fe3861a94e4db4a498a35872
"10·11 Insider Whale" Still Active: Floating Loss Exceeds $18.4 Million
As the "10·11 insider whale" who capitalized on the major crash on October 11 last year, Garret Jin remains highly active on the Hyperliquid market. With the recent BTC decline, his 5x leverage long position on BTC has also incurred a floating loss.
Currently, his BTC long position holds 1,270 BTC, with an average entry price of $76,117, a floating loss of approximately $18.4 million, and a liquidation price of $16,964, which remains relatively safe.
Address: 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9
High-Win-Rate ETH Specialist Takes a Hit: Actual Loss Nears $2.9 Million
In the volatile cryptocurrency market, some traders choose to specialize in leveraged long and short positions on ETH. This Hyperliquid whale is one such example. Having traded ETH 15 times since June, he had previously accumulated a profit of $4.29 million.
On June 23, the whale opened an 18x leverage long position on 21,000 ETH at an average price of $1,728.5. After an initial unrealized profit of over $30,000, the position turned to losses as the market declined. On the evening of June 24, his 18x leverage long position briefly showed a floating loss of $1.7 million.
In the early hours of today, as ETH fell below $1,600, he quickly closed his long position at $1,594, ultimately incurring a loss of over $2.85 million.
Subsequently, perhaps in a defiant attempt or believing ETH would quickly rebound after breaking $1,600, the address placed 4 separate orders to open long positions on 7,794 ETH. However, all positions were closed within one minute, ending this ETH long trade with a loss of over $40,000.
Ultimately, the address transferred out $350,000 USDC early this morning, exiting with a nominal on-paper profit of $1.038 million.
Specific Address: 0xa2e81e888f14a757bbad012ea9b193e7ab93f1468
Hyperliquid Shorting Whale Allegedly Dumps ETH, Recognizing Loss: Actual Loss Exceeds $2.62 Million
A whale on Hyperliquid previously profited $13.68 million by shorting 16 altcoins. Early this morning, amid a market rebound, he transferred 6,855.13 ETH (worth $11.02 million) purchased at an average price of $1,881 to Binance, allegedly for selling. Ultimately, the loss on this position was locked in at approximately $2.625 million. It is evident that contract whales' disappointment with ETH's price performance has become quite pronounced.
Address: 0xcD40532686B94aBc88b06B9705AAcBc14c8364D6
Whale Opens 20x Leverage Long Positions on BTC and XRP: Floating Loss Exceeds $4 Million
On June 23, a whale opened a 20x leverage long position on 27.9 million XRP (worth $30.9 million). Additionally, he held a 20x leverage long position on 809.9 BTC (worth $50.6 million). At that time, his floating loss exceeded $2.6 million.
As BTC's price has dropped from $65,000 to current levels, the floating loss on his 20x BTC long position has expanded further to nearly $2.9 million; his 20x XRP long position has also reached a floating loss of approximately $1.2 million due to the price change. The total floating loss now exceeds $4 million.
Watch Address: https://hyperbot.network/trader/0xf79C163305387F940f49999Ff2AbFf5410129BbD
As of writing, BTC has slightly rebounded above $61,500, ETH has bounced back to around $1,650, and SOL has recovered to near $70.
However, for the whales mentioned above, the strength of this rebound remains minimal, and the distance between floating losses and becoming actual losses fluctuates with price movements.
