As the altcoin market cap and Bitcoin collapsed in the past few days, a trader is facing liquidations worth $25 million.
By Parth Dubey
Edited by Marco T. Lanz
Updated
3 mins read
The crypto market is facing a massive turmoil as billions of dollars in assets are being liquidated, leading to heavy losses for traders. Among those affected, a prominent crypto whale, is currently facing an unrealized loss of $17.5 million due to leveraged positions in multiple altcoin tokens.
According to on-chain data from Lookonchain, the trader has substantial exposure to Bitcoin BTC $82 301 24h volatility: 0.4% Market cap: $1.63 T Vol. 24h: $30.42 B , Solana SOL $125.1 24h volatility: 0.8% Market cap: $64.19 B Vol. 24h: $3.71 B , Hyperliquid HYPE $12.97 24h volatility: 4.4% Market cap: $4.33 B Vol. 24h: $74.95 M , Ondo Finance ONDO $0.78 24h volatility: 1.2% Market cap: $2.46 B Vol. 24h: $124.27 M , Hedera HBAR $0.16 24h volatility: 2.3% Market cap: $6.89 B Vol. 24h: $249.19 M , Sui SUI $2.27 24h volatility: 2.3% Market cap: $7.19 B Vol. 24h: $1.02 B , and Official Trump TRUMP $10.01 24h volatility: 1.4% Market cap: $2.00 B Vol. 24h: $314.28 M , all of which have seen steep declines in the recent days.
As the market drops, the whale has lost $17.5M from going long on $BTC, $SOL, $HYPE, $ONDO, $HBAR, $SUI and $TRUMP.
When $BTC drops to $74,571, he will be liquidated.https://t.co/2N8f8TIYcx pic.twitter.com/ezjcXDFsP5
— Lookonchain (@lookonchain) February 27, 2025
As per Coinglass data, over $775.59 million was liquidated in the past 24 hours, which includes $596.22 million in longs and $179.41 million in shorts. A whopping 188,698 traders were liquidated in the past day.
The whale took a $23.69 million position on Bitcoin at an entry price of $102,079.2 with 10x leverage, making it highly vulnerable to downward price movements. With Bitcoin’s current price well below the entry level ($86,281), the losses continue to mount. Similarly, the trader placed a $6.15 million leveraged position in Solana at an entry price of $235.18 with 20x leverage. At the time of writing, SOL trades at $140.
The situation continues to grow worse as Bitcoin’s price approaches a crucial liquidation threshold. If BTC drops to $74,571, the trader will be forcibly liquidated, resulting in total losses of approximately $25 million. The margin usage is already at 80.92%, signaling extreme risk in the event of further declines.
The altcoin market, excluding Bitcoin and Ethereum, has also suffered significant setbacks based on the chart below. The altcoin market capitalization is currently around $816 billion, while the 20-day Exponential Moving Average (EMA) stands at $876 billion. This data indicates that altcoins are trading below the short-term trend line, suggesting persistent bearish pressure.
Source: TradingView
The altcoin market cap is trading near the lower Bollinger Band, indicating that the market is bearish. A bounce could be expected if bullish momentum picks up and a retest of resistance levels at $879 billion and $950 billion occurs. However, a failure to hold support at $808 billion could lead to a further decline.
On the other hand, the Relative Strength Index (RSI) is at 35.03, which is close to oversold territory (below 30). While the RSI levels suggest a possible reversal in the near term, weak buying pressure may keep prices subdued. The gradient of the line indicates a slight surge in buyers’ demand as market conditions remain uncertain.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
