
Recent market volatility saw Bitcoin drop to $75,000 and ETH below $2,400, triggering major whale liquidations and highlighting the high risks of leveraged crypto trading.
On February 1, a crypto whale’s $230 million ETH long position on Hyperliquid was liquidated at $2,200, wiping out the 230 million USDC margin after nearly two months in the trade. This occurred amid broader market declines on February 2, when Bitcoin fell to $75,000 and Ethereum dropped below $2,400. Major long-position whales suffered heavy losses, with $700 million in ETH and SOL liquidations, while some lost over $268 million in two weeks. In contrast, short-focused whales secured substantial profits, including one BTC short that gained $9.68 million over the weekend. Despite the losses, the whale retains $4.8 billion in assets, including 901,000 ETH and 33,000 BTC.