One Whale Lost Nearly $70M in ETH – Another Got Wrecked Long and Short

The market-wide sell-off produced another brutal round of liquidations among some of the largest players. Bitcoin tanked from $87,000 to under $81,000 in just a few days and dragged almost all altcoins with it. As typically happens, those with over-leveraged positions got the worst of it, as the excessive open interest was attributed to the quick price moves. Lookonchain highlighted several large positions caught in the volatility, including an Ethereum whale that lost almost $70 million and AguilaTrades, whose trading return ended with losses on both sides. $70M ETH Position Wrecked Let’s begin with the biggest whale caught in the net of the market crash. An anonymous trader with a massive long position of 28,716 ETH was wiped out during the crash, with the greenback equivalent of $69.69 million. What’s even more impressive is that the whale has not abandoned the bullish bet. According to the on-chain resource, the trader subsequently opened another ETH long and now holds 78,955 ETH (worth over $195 million) in a fresh leveraged position. The new liquidation levels sit at just under $2,300. It’s worth noting that the altcoin tanked from over $2,700 to $2,400 before it rebounded by...