BTC dropped below $60,000, ETH fell to $1,600 – Are crypto whales holding the bag for the market?
- Key Takeaway: 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). Several crypto whales on platforms like Hyperliquid have suffered significant unrealized or actual 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 dropped to $1,600; $971 million in liquidations over 24 hours, with long position liquidations accounting for $785 million vs. shorts at just $186 million.
- Hyperliquid’s Largest Long Position Holder: Holds a long position of 120,000 ETH, with unrealized losses exceeding $77 million; had to urgently add $8 million in margin to avoid liquidation.
- “Loyal Long” Machi (Jeffrey Huang): Cumulative losses exceed $33.75 million. Early this morning, a 25x long ETH position was liquidated, losing $1.81 million, after which he continued to open new long positions.
- “October 11 Insider Whale” Garret Jin: Holds a long position of 1,270 BTC with an average entry price of $76,117, suffering unrealized losses of $18.4 million, though his liquidation price remains relatively safe.
- High-Win-Rate ETH Trader: Profited $4.29 million from 15 previous trades, but recently incurred actual losses of over $2.85 million from an 18x leveraged long position, eventually exiting with paper profits.
- Short Whale Suspected of Dumping ETH: Transferred 6,855 ETH, bought at an average price of $1,881, to Binance, locking in a loss of $2.625 million, reflecting disappointment with ETH’s price.
Original Article｜Odaily Planet Daily（@OdailyChina）
Author｜Wenser（@wenser2010 ）
In the early hours of today, BTC briefly dipped below $60,000 and is now trading around $60,800; ETH briefly dropped below $1,600 and is now around $1,620; SOL briefly fell below $65 and is now around $67. According to Coinglass data, the total liquidation volume over the past 24 hours reached $971 million, with BTC liquidations accounting for nearly $400 million and ETH liquidations totaling approximately $220 million; long position liquidations amounted to $785 million, while short position liquidations reached $186 million.
Behind this market low, the first in nearly 20 months, lies the "blood-stained chips" from crypto whales' long positions—a market filled with despair and a landscape littered with the remnants of bulls.
Hyperliquid's Biggest Bull: Holds 120,000 ETH in Long Positions, Unrealized Loss Exceeds $77 Million
The biggest victim of the market downturn is currently the largest bull on the Hyperliquid platform.
On June 23, his 7 addresses opened long positions worth $415 million, which at one point had an unrealized loss of up to $91.46 million, approaching $100 million.
Currently, he still holds long positions on 120,000 ETH, with unrealized losses exceeding $77 million. In the early hours of today, he urgently added $8 million in margin to ensure the liquidation price remains below $1,200, which is relatively healthy. Additionally, he still holds over $6 million in USDC on-chain that can be used as margin.
Main addresses are as follows:
- 0xa875890465da20062bcf3b024bf7d54e69c725a8 (Holds 30,000 ETH with 20x leverage, unrealized loss of $18.8 million);
- 0xfd423284f6a9c73a2a3d53cab8921d6533533d97 (Holds 10,000 ETH with 20x leverage, unrealized loss of $6.64 million);
- 0x6c8512516ce5669d35113a11ca8b8de322fd84f6 (Holds 40,000 ETH with 20x leverage, unrealized loss of $25.9 million);
- 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41 (Holds 40,000 ETH with 15x leverage, unrealized loss of $25.93 million).
"Loyal Long ETH Soldier" Machi: Single Address Cumulative Loss Exceeds $33.75 Million
As the most steadfast and frequent trader in the market, Machi (Jeffrey Huang) has shown a clear and persistent obsession with ETH long positions.
On June 23, he was liquidated 7 times on the Hyperliquid platform within 10 hours, but he still chose to continue going long on ETH.
Early today, his 25x ETH long position was liquidated again, resulting in a loss of over $1.81 million. The cumulative loss under this address has now exceeded $33.75 million. Currently, he has opened another 25x ETH long position, but the scale is only 920 ETH, with a position value of about $1.5 million. It is currently showing an unrealized profit of approximately $20,000, with the liquidation price tentatively reported at around $1,591.
View Address: https://hyperbot.network/trader/0x020ca66c30bec2c4fe3861a94e4db4a498a35872
The "October 11 Insider Whale" is Still Performing: Unrealized Loss Exceeds $18.4 Million
As the "October 11 insider whale" who capitalized on the major crash on "10/11" last year, Garret Jin remains highly active in the Hyperliquid market. With the recent BTC decline, his 5x BTC long positions have also experienced an unrealized loss.
Currently, his BTC long position holds 1,270 BTC, with an average entry price of $76,117. The unrealized loss is about $18.4 million, and the liquidation price is $16,964, which is relatively healthy.
Address: 0x92ea19eceb7a8de0f50978a1583a5d8b018050e9
High Win-Rate ETH Specialist Takes a Hit: Realized Loss Nears $2.9 Million
In the volatile crypto market, some traders choose to focus on leveraged ETH long and short trades.
This Hyperliquid whale is a case in point: he had previously traded ETH 15 times since June, accumulating a profit of $4.29 million.
On June 23, the whale opened an 18x leveraged long position on 21,000 ETH at an average price of $1,728.5. After an initial unrealized profit of over $30,000, losses began to mount as the market fell. On the evening of June 24, his 18x leveraged long position was briefly down $1.7 million.
Early today, as ETH broke below $1,600, he quickly closed the long position at $1,594, ultimately incurring a loss of over $2.85 million.
Subsequently, perhaps in a defiant attempt or believing ETH would rebound quickly after falling below $1,600, the address placed four separate orders to open long positions on 7,794 ETH. However, it closed them all within a minute, ending this ETH long trade with a loss of over $40,000.
Ultimately, the address transferred out $350,000 USDC early today, exiting with a paper profit of $1.038 million.
Specific Address: 0xa2e81e888f14a757bbad012ea9b193e7ab93f1468
Hyperliquid Short Whale Suspected of Dumping ETH at a Loss: Realized Loss Exceeds $2.62 Million
A particular whale on Hyperliquid had previously profited $13.68 million by shorting 16 altcoins. Early today, as the broader crypto market rebounded, this whale transferred 6,855.13 ETH (worth $11.02 million), which he had previously purchased at an average price of $1,881, to Binance, suggesting a potential sell-off. Ultimately, the loss on this position was locked in at around $2.625 million. It's clear that the futures whale's disappointment with ETH's price performance is very evident.
Address: 0xcD40532686B94aBc88b06B9705AAcBc14c8364D6
Whale Opens 20x Long on BTC and XRP: Unrealized Loss Exceeds $4 Million
On June 23, a whale opened a long position on 27.9 million XRP with 20x leverage (worth $30.9 million). Additionally, he held a long position on 809.9 BTC with 20x leverage (worth $50.6 million). At that time, his unrealized loss exceeded $2.6 million.
As the BTC price dropped from $65,000 to its current level, the unrealized loss on his 20x long position has further expanded to nearly $2.9 million. Similarly, the unrealized loss on his 20x XRP long position has reached $1.2 million due to price changes. The total unrealized loss now exceeds $4 million.
Monitor Address: https://hyperbot.network/trader/0xf79C163305387F940f49999Ff2AbFf5410129BbD
At the time of writing, BTC has slightly rebounded to above $61,500, ETH has recovered to around $1,650, and SOL is back to nearly $70.
However, for these crypto whales, the magnitude of the rebound remains negligible, and the distance between an unrealized loss and an actual realized loss fluctuates along with the price movements.
