The crypto market began to experience a downward trend last night (25th). BTC dropped from a high of $96,000 and dipped to $91,000 this morning at 5 am, before entering a period of mild fluctuations. In the afternoon at 2 pm, a second, more severe drop occurred, with BTC directly plunging to $88,200, a new low since mid-November last year.
Over 24 hours, the crypto market saw $1.34 billion in liquidations, with Bybit accounting for 43.9%
According to Coinglass data, in this wave of plunge, the total 24-hour contract liquidation volume reached $1.34 billion, with over 364,000 people being liquidated.
It is worth mentioning that in the exchange liquidation statistics, the exchange Bybit, which previously announced the start of pushing out all liquidation data, accounted for 43.9% of the total liquidation amount, 21.21% more than the largest exchange Binance (23.35%). This shows that the previous liquidation data captured by Coinglass had a huge gap with the actual data.
A BTC whale with a $89,000 entry price liquidated, losing $100 million in profits
Additionally, according to on-chain analyst Ai Shi, the KOL jasonleo, who previously tweeted about long BTC with unrealized profits of $100 million, has now closed his position. It is understood that he liquidated 1,783.48 BTC (about $159 million) at an average price of $89,138, realizing a loss of $46.92 million.
It is understood that jasonleo was trading on the "Coin" platform under the name "First Set 10 Big Targets". From the image, jasonleo long-ed 5,184 BTC with 4x leverage, with an entry price of $100,320 and a margin of 130 million USDT, and the estimated liquidation price was $82,354.
Furthermore, this whale also tweeted after the liquidation that although he closed his BTC long position, he only lost his profits and did not lose his principal:
This trade's profits have basically been wiped out, but fortunately I was able to lock in the principal, so the principal was not lost. As for the losses shown on the on-chain platform, it's mainly because I entered the platform late, so the previous profits were not counted. From a profit of 700 million (RMB) all the way back to 0 profit, it's really a pity that I missed the last shot to reach the 1 billion target.
Around 12% of BTC addresses are in a state of unrealized loss
On the other hand, crypto market intelligence firm IntoTheBlock tweeted today that with BTC briefly dipping below $90,000, about 12% of BTC addresses are in an unrealized loss state. This is the highest proportion of unrealized losses since October 2024.
