Over 300k Traders Lose $1.3B as BTC Tests $104k

The past 24 hours have been particularly unfavorable for bullish leverage traders. According to data from the on-chain liquidation tracker, CoinGlass, more than 300,000 individuals and institutions have lost over $1.3 billion as their positions were forcibly closed and they were pushed out of the market. 

Notably, this is a result of the dwindling and bearish crypto market. Many of the world’s high-market-cap crypto assets, including bitcoin (BTC), Ether, SOL, and others, have been on a downtrend, affecting market speculators.

Over $1.3B Gone to Liquidation

CoinGlass reveals that the most affected traders were those who had opened long positions on bitcoin. They lost about $380 million within the past 24 hours. In fact, the largest single victim of the plunge was a big trader who opened a BTCUSDT long position on the HTX exchange. The dip swept off approximately $48 million from this whale.

Another set significantly hit by the downtrend were long ETH traders. When the coin dropped to the $3,400 range, many traders shed about $350 million, accounting for over 25% of the enormous losses.

The dip was not light for SOL, the world’s sixth-largest crypto. The asset dropped by over 15%, from $187 to $156. Consequently, traders projecting an upward motion for the crypto lost over $150 million. On the other hand, investors saw the dip as a buy opportunity, as U.S.-approved SOL investment funds recorded about $70 million in inflows amid the downtrend.

Whales Remain Bullish Amid Downtrend

While the crypto market dipped, on-chain data indicates that many traders viewed it as an opportunity to strategically enter the market. These traders perceive the bottom as a favorable entry point to capitalize on further profits.  

One of these is the whale that sold BTC in November 2024 and has remained dormant since then. Following the recent dip, this whale has spent $84.9 million to purchase 800 BTC at approximately $106,060 per coin. This whale has periodically profited from swing spot bitcoin trades. 

Another whale, who previously made $200 million from the massive October 10 market dump, also opened $55 million long trade positions on BTC and ETH with just 3x leverage. Currently, this trade is incurring approximately $1 million in losses. However, a slight price rebound would result in huge profits as this whale’s entry is very close to the bottom.