The cryptocurrency market has recently experienced a significant downturn, resulting in large losses for many investors.
Blockchain security company PeckShield found that on Monday morning, a whale portfolio designated as “0xac4e…7597f” that had a long position in perpetual Ethereum (ETH) contracts experienced liquidations worth 7,467.5 ETH, which equates to approximately $22.3 million.
Another trader, identified by the address “0x0b5a…d8c5,” had lost close to $6 million, accompanied by 2 other Ethereum whales who lost $5.8 million and $7.38 million respectively.
These losses were part of a larger market crash that resulted in the liquidation of over $1 billion in digital assets on various exchanges.
These liquidations occurred primarily on exchanges such as Binance, HTX, Bybit, BitMEX, and OKX. The largest single liquidation order took place on Huobi via the BTC/USD pair worth around $27 million.
Crypto traders on Binance lost around $415 million as the bears outnumbered the bulls over the weekend. Similarly, OKX saw losses of around $324 million, while Huobi traders lost approximately $148.7 million.
The crypto market’s well-known skeptic, Il Capo of Crypto, has once again sounded the alarm—arguing that the worst may still be ahead, even as Bitcoin remains above the $100,000 mark.
Swan, a Bitcoin-focused financial firm, has issued a striking market update suggesting that the current BTC cycle isn’t just another repeat of the past—it might be the last of its kind.
Ross Ulbricht, founder of the infamous Silk Road marketplace, is back in the headlines after receiving a mysterious transfer of 300 BTC—valued at roughly $31 million.
Bitcoin could be heading for a notable dip if it fails to stay above a key price zone, according to market watcher DonAlt.