Whale Alert: Four Traders Liquidated for More Than $10M Apiece
Four large crypto traders suffered individual liquidations of more than $10 million each following Bitcoin's fall below $69,000.
The losses are part of a wider derivatives market rout that saw more than $1.6 billion liquidated in 24 hours, with leveraged bullish bets taking the biggest hits. According to blockchain analytics account Lookonchain, one wallet lost exposure to 12,742 ETH worth approximately $25.2 million and 536.89 BTC valued at $38.77 million.
A second address, which Lookonchain had earlier described as a "gambler" after previous liquidations, lost another 511 BTC worth $36.4 million when Bitcoin's price plunged below its November 2021 peak. The third wallet lost a 357.09 BTC position valued at just over $25 million.
Massive Liquidations
The fourth whale, identified as 0x4a20, suffered the least damage among the observed traders but still lost positions in Solana ($9 million), Bitcoin ($5.85 million), and Ethereum ($3.52 million). In total, these four heavy hitters were liquidated for about $143.89 million.
The whale losses chronicled by Lookonchain coincided with an increasingly difficult session for crypto markets, with market cap dropping by nearly 4%, per CoinGecko data.
Market Impact
CoinGlass's liquidation tracker recorded approximately $1.64 billion in liquidations within 24 hours, with long positions accounting for $1.46 billion or 88% of the total. Bitcoin traders bore the brunt with $905 million in liquidations, while Ethereum recorded $285 million.
The pressure extended beyond derivatives, with Bitcoin recording approximately $671 million in net spot taker selling and US spot Bitcoin ETFs seeing $47 million flow out on November 12. At the time of writing, Ethereum was trading just above $1,900, having dipped by 5% in 24 hours and almost 13% in 7 days.
Related
