From June 5 to June 6, 2025, ETH faced continuous pressure, with AiCoin data showing it once dropped below approximately 1565 USD, entering a liquidation price range where several previous leveraged long positions were located, triggering a chain reaction of on-chain passive liquidations. Well-known trader "Mahji Brother" had multiple ETH long positions held on Hyperliquid partially liquidated during this downturn, significantly reducing account positions; on-chain, address 0x34d…c4ac1 was liquidated for about 15,042 ETH after ETH fell below approximately 1565 USD, to repay about 22.15 million USDT in loans, while another large whale address 0xc3f…931e4 had its risk position of approximately 58,032 ETH updated to a liquidation price around 1555.04 USD. From these significant leveraged positions, it can be observed that the 1565-1555 USD range has evolved into a concentrated liquidation zone for ETH leveraged longs in the short term, with high leverage positions under the current structure appearing particularly vulnerable during similar price declines.
ETH breaking below 1565 USD ignites liquidation zone
According to AiCoin data, starting from June 5, ETH continued to face pressure within the 1500-1600 USD range, with prices repeatedly oscillating above 1600 USD without result; from June 5 to 6, it gradually moved downwards, ultimately dropping below approximately 1565 USD, a key level. When the price approached around 1565 USD, it entered the concentrated liquidation price range for several previous leveraged long positions, leading to a further short-term drop, extending towards approximately 1555 USD, making this ten-dollar narrow range the core risk area for this correction.
The reason the 1565-1555 USD area evolved into a concentrated liquidation zone is due to heavily overlapping liquidation prices of multiple on-chain leveraged positions: on one hand, address 0x34d…c4ac1 was concentrated liquidated for approximately 15,042 ETH after ETH dropped below about 1565 USD to repay about 22.15 million USDT in loans; on the other hand, the liquidation price for address 0xc3f…931e4 with approximately 58,032 ETH risk position was updated to approximately 1555.04 USD, clearly marking the lower boundary. As the price fell from 1565 USD to 1555 USD, these liquidation prices were triggered successively, and AiCoin data indicated that multiple passive liquidation events occurred on-chain, while at the same time, "Mahji Brother," a well-known trader on Hyperliquid, also faced several partial liquidations of his ETH longs, collectively forming a chain liquidation process centered around the 1565-1555 USD range.
Mahji Brother's long position shrinks to 229,000 USD
During the process of ETH entering the 1565-1555 USD liquidation zone, data from a single source on Hyperliquid indicated that "Mahji Brother" encountered multiple partial liquidations of his ETH long positions held on the platform. As the risk control system continuously reduced positions, his overall position size was passively compressed, with approximately 229,000 USD remaining in ETH longs while the available account balance was only about 11,000 USD. The contrast between the position and balance visually reflected that his account was in a highly squeezed leveraged condition.
The same source also showed that during a previous phase close to liquidation, he urgently transferred about 12,500 USD to Hyperliquid to increase margin, attempting to avoid being completely liquidated at once. However, as ETH continued to fall, entering the concentrated liquidation zone, this additional margin still failed to prevent multiple partial liquidations. This process illustrates that when price fluctuations concentrate on liquidation zones, even if high leveraged positions temporarily add margin, it only short-term delays risk exposure rather than genuinely reduces overall risk exposure.
15,042 ETH liquidated to repay 22.15 million USDT
In sync with multiple partial liquidations on the contract platform, on-chain address 0x34d…c4ac1 also became a typical case of a significant leveraged liquidation during this downturn. According to AiCoin on-chain monitoring, after ETH dropped below approximately 1565 USD, the leveraged position of this address was concentrated and triggered for liquidation, passively selling approximately 15,042 ETH to repay about 22.15 million USDT in loans. From a funding structure perspective, this represents a typical on-chain leveraged position, "pledge ETH, borrow USDT": initially using ETH as the core collateral asset to amplify positions by borrowing USDT, when the spot price falls into the liquidation zone, the collateral is disposed of, exchanged back for USDT to directly offset debt, and this entire funding pathway is completed at the point of breaking below 1565 USD.
On the level of a single address, this scale is one of the larger cases of liquidations in this round on-chain, constituting an intuitive "example" of risk preference for other leveraged participants. On one hand, over 15,000 ETH being passively cleared indicates that in the liquidation-dense area of 1555-1565 USD, heavily invested longs find it challenging to maintain high leverage structures when caught in chain liquidation; on the other hand, such large liquidations create traceable "counter-examples" on-chain, reminding holders of similar "pledge ETH borrow USDT" structures to reassess their liquidation price ranges and leverage multiples, thus encouraging more cautious control of risk exposure during subsequent fluctuations.
58,032 ETH guarding the 1555 USD liquidation line
After the 15,000 ETH from 0x34d…c4ac1 were passively liquidated, another large leveraged participant, 0xc3f…931e4, still “guarded” the liquidation zone. According to AiCoin data, the risk position of this address with approximately 58,032 ETH had its liquidation price updated to about 1555.04 USD, and at the time of the incident, there had not yet been large-scale liquidations; however, the overall position had slid into a high-risk area close to the current price. Combining this with the previously triggered liquidation case near 1565 USD, it's evident that the area between 1555-1565 USD has formed a concentrated liquidation price zone, where high leveraged longs are systematically "queued" at the liquidation door.
If ETH again dips or falls below this price range, large positions like 0xc3f…931e4 that have not yet been triggered may face concentrated passive liquidations in a short period, significantly suppressing market sentiment and forcing more longs in nearby liquidation zones to actively reduce leverage or stop loss early. From a structural perspective, this means that as long as the ETH price continues to oscillate around 1555-1565 USD, the vulnerability of high leveraged longs within this range will remain exposed, and market risk preferences for similar leveraged structures are unlikely to recover quickly.
What’s next for ETH longs after the leveraged domino?
From the multiple partial liquidations of "Mahji Brother" on Hyperliquid, to the passive liquidation of 15,042 ETH from 0x34d…c4ac1 to repay about 22.15 million USDT, and finally the approximately 58,032 ETH position of 0xc3f…931e4 being locked at the critical liquidation price of 1555.04 USD, the vulnerabilities exposed in this round of events highlight: a large amount of long leverage has become highly crowded in the narrow range of 1555-1565 USD, and once the price briefly breaks below, it will trigger consecutive liquidations at nearby price levels. According to AiCoin data, what needs to be closely observed in the short term is whether ETH will again break this range, and whether high-risk addresses like 0xc3f…931e4 will actively raise their liquidation prices through reducing positions or adding margin, or passively enter a new round of liquidation chain; if the price oscillates repeatedly near this range, then existing longs will find it difficult to quickly recover their willingness to increase leverage. For ordinary investors, in such a high-leverage environment, it is crucial to calculate their liquidation prices in advance, avoid overlapping heavily with known liquidation dense zones, control the overall leverage multiples and concentration of positions within a single price range, and adjust strategies based on changes in on-chain liquidation distribution data. Only by reducing dependence on a single price range and diversifying liquidation risks can the ETH long structure maintain greater resilience in the next round of fluctuations.
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