A sharp market pullback saw Bitcoin plummet from $87,000 to under $81,000 within days, wiping out over-leveraged positions across the market and handing an Ethereum whale a $69.69 million loss.
On-chain analytics platform Lookonchain revealed that the anonymous trader had a massive long position of 28,716 ETH liquidated as Ethereum plunged from over $2,700 down to $2,400 before rebounding to around $2,500.
Ethereum Whales Face Millions in Forced Liquidations
Despite suffering one of the largest individual liquidation losses of the market downturn, the wiped-out whale immediately reopened a bullish bet. Lookonchain data indicates the trader opened a new leveraged long position holding 78,955 ETH worth more than $195 million, with a liquidation threshold set just below $2,300.
Prominent trader Machi Big Brother also took heavy damage during the broader Ethereum and altcoin market pullback. Machi lost $8.44 million over the past week, reducing his account balance to under $1 million. He continues to hold a 9,950 ETH long position valued at over $24.6 million, which carries a critical liquidation price of $2,431.
Leveraged BTC Trader Wiped Out on Both Sides
The market chop also punished traders taking aggressive directional bets on Bitcoin. Trader AguilaTrades returned to active trading after more than six months of inactivity, initially opening a Bitcoin long position. That trade was caught in the downturn and closed at a $331,000 loss as Bitcoin pulled back below $83,000.
Reversing his stance, AguilaTrades immediately opened a 40x short position on 200 BTC, worth approximately $16.35 million. However, a quick price recovery caught the high-leverage short, wiping out the trade and leaving him with $545,000 in total losses for the day.
Key Takeaways
- An anonymous trader lost $69.69 million when a 28,716 ETH long position was liquidated.
- The same whale opened a new 78,955 ETH long position worth $195 million with liquidation under $2,300.
- Machi Big Brother lost $8.44 million in a week and holds a 9,950 ETH long with liquidation at $2,431.
- Trader AguilaTrades lost $545,000 in a single day after getting liquidated on both a BTC long and a 40x short.
Why It Matters
This cluster of high-profile liquidations demonstrates how concentrated open interest magnifies price swings during market corrections. When multi-million-dollar whale positions sit close to current market prices, forced liquidations can create rapid cascades before organic buying power stabilizes the market. Traders should closely monitor the $2,300 and $2,431 ETH support levels, as further price declines risk triggering another wave of high-volume forced selling.
