The price of Bitcoin surged to a high of $81,118 amid severe fluctuations, with the positions of two major whales marked in real-time on-chain, resulting in $146 million in assets evaporating within 24 hours, accounting for 8.4% of the total market liquidation value.
Two massive liquidation records are permanently etched on the blockchain: a $65.14 million long position in ETH on Hyperliquid and an $80.58 million long position in BTC on HTX were both forcibly liquidated. This is a microcosm of the bloody cleansing in the crypto market over the past week.
On-chain data platforms captured more details: an anonymous whale panic-sold 200 BTC, cashing out approximately $16.91 million, with cumulative losses exceeding $8 million compared to their average entry cost; well-known artist Huang Licheng suffered a daily loss of $2 million, with his remaining 2,500 ETH long position still showing an unrealized loss of over $430,000.
1. Eye of the Storm
● Over the past week, the cryptocurrency market experienced the most severe volatility since 2026. The prices of Bitcoin and Ethereum fluctuated like a roller coaster, pushing the whales hidden in the deep sea to the surface.
● Structural changes in the market had long been foreshadowed. According to a report jointly released by Glassnode and Coinbase Institutional for the first quarter of 2026, the digital asset market entered 2026 with a cleaner structure and lower leverage, with risks being repriced rather than completely abandoned.
● However, this structural improvement failed to prevent a chain reaction under extreme market conditions. On-chain data shows that as the price of BTC soared to $81,118 and ETH rose to $2,689, two major whales faced devastating blows.
2. Whales' Downfall
During the market crash, on-chain analyst Lookonchain monitored multiple large-scale liquidation events, forming a typical profile of this downturn.
● The panic selling by Bitcoin whales was particularly noteworthy. One address sold 200 BTC in a single transaction during the market decline, valued at approximately $16.91 million. This whale had previously purchased 300 BTC at an average price of $111,459, investing about $33.44 million.
● As a result, their cumulative losses on Bitcoin investments have exceeded $8 million. This transaction reveals a psychological turning point from "holding long for a rebound" to "panic selling."
● The losses of celebrity investors exposed another layer of reality. Huang Licheng, active on social media as "Maji Brother," often shares trading updates. However, during this market crash, his account suffered a daily loss of about $2 million.
● Data shows that he currently still holds about 2,500 ETH in long positions, with an unrealized loss exceeding $430,000, and a liquidation price set at $2,786.64. This starkly contrasts with the "trading expert" image he previously cultivated.
3. Spread of Liquidations
● It is noteworthy that traditional safe-haven assets also did not escape the turmoil in the crypto world. A whale long on the gold token GOLD was forcibly liquidated for 2,700 GOLD, with a liquidation amount reaching $13.83 million. This event occurred almost simultaneously with the significant fluctuations in Bitcoin and Ethereum, indicating that cross-market risks are forming linkages.
● Earlier signals appeared a week ago. A seasoned trader named BitcoinOG had stopped out of 427.29 BTC and 30,588 ETH positions, recording an approximate realized loss of $9.7 million, and subsequently withdrew $20 million USDC from Hyperliquid to deposit into Binance.
● This behavior of shifting from decentralized platforms to centralized exchanges is interpreted as a preference for liquidity during uncertain times.
4. Chain Reaction
● These large-scale liquidations are not isolated events; they are captured in real-time by data platforms and spread to social media, forming an amplifier of panic sentiment. When that Bitcoin whale sold 200 BTC, the transaction was immediately flagged by on-chain monitoring tools. The data quickly spread within the crypto community, creating a psychological anchor of "whale selling = market not over."
● This psychological effect triggered more passive reductions and follow-on selling, amplifying the already fragile structural selling pressure in the market.
● The details of Huang Licheng's ETH long position were also repeatedly shared and interpreted within the community. Unlike anonymous whales, celebrity accounts face social media scrutiny and public pressure, which can heighten the tendency to "hold on stubbornly" and make rational stop-loss decisions more difficult.
5. In-Depth Analysis
● The Glassnode report indicates that the liquidation events in October last year significantly reduced systemic leverage in the crypto market. Perpetual futures positions were massively liquidated, and the systemic leverage ratio has dropped to about 3% of the total market capitalization of cryptocurrencies (excluding stablecoins).
● However, this deleveraging process is not linear. Market participants have not completely exited risk but have redistributed their risk exposure to the options market. The open interest in Bitcoin options has now surpassed that of perpetual futures.
● This shift reflects a trend of preferring limited risk exposure. From a market structure perspective, this transition supports a more resilient trading environment, although market sentiment remains cautious in the short term.
6. Structural Changes
The series of whale liquidations exposed the common shortcomings in risk management within the crypto market and foreshadowed deeper structural changes.
● The performance of Ethereum provides another dimension for observation. The Glassnode report suggests that Ethereum seems to be approaching the later stages of the current price performance cycle, which began at the low point in June 2022.
● Although Ethereum has brought significant returns during this period, recent indicators suggest that cycle-based signals are losing their explanatory power. Changes in the Ethereum ecosystem structure, including compression of second-layer network fees and evolving network economics, dilute the predictive ability of traditional cycle frameworks.
On-chain data shows that in the past 24 hours, two whales contributed to 8.4% of the total liquidation value in the crypto market. When the panic sale of 200 BTC was completed on-chain, and Huang Licheng's ETH long position was marked with a liquidation price of $2,786.64, these numbers were no longer just data on a screen.
They represent the growing pains of the crypto market transitioning from wild growth to a mature financial system. The Glassnode report points out that market participants are redistributing their risk exposure to the options market, with Bitcoin options open interest now exceeding that of perpetual futures.
The scars of the whales will eventually heal amid market fluctuations, but the liquidation records left on the blockchain will forever remind us: in this 24/7 trading market, risk never sleeps, and liquidity is the only lifeline.
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