On June 6, 2026, there was a brief dislocation in the ranking on the list: according to multiple sources citing CoinGecko data, on that day the market cap of USDT was approximately 18.704 billion USD, while ETH was approximately 18.3628 billion USD. During certain periods, USDT rose slightly to second place, pushing ETH to third. Behind the price drop and ranking shift, the on-chain narrative was not singular: on the same day, a leveraged long position for ETH associated with addresses 0xc3f…931e4 and 0x34d…c4ac1 was triggered to liquidate multiple times, with a total of approximately 31,915 ETH, nominally worth about 168 million USD, being swept out; almost simultaneously, a wallet linked to F2Pool co-founder Wang Chun withdrew 17,560 ETH from Binance, worth about 28.67 million USD at the time. Several Chinese media interpreted this "counter-trend" withdrawal as a suspected accumulation at lower prices, but the parties involved did not provide any public explanation, and the true motives remain at the level of speculation. One side was the passive deleveraging of long positions being liquidated, while the other side was a large amount of spot withdrawal from the exchange. They both happened on the same day that USDT briefly surpassed ETH, which also raised a sharper question: in the midst of forced liquidations and possible bargain buying, what position is ETH in the long-short game?
USDT surpasses market cap to second: ETH briefly pushed behind
All of this occurred in a higher-dimensional coordinate on the same day: the market cap list. On June 6, 2026, under that day's data, USDT had a total market cap of approximately 18.704 billion USD, while ETH was approximately 18.3628 billion USD. Public data cited by multiple sources showed that USDT led slightly in certain periods, temporarily pushing ETH, which had long occupied second place, to the back. Some observers even noted that at certain moments on the page ranking, the rank showed ETH in second place, but the underlying market cap numbers had already slightly favored USDT. This brief "list not yet reflecting" dislocation further strengthened the symbolic meaning of that moment. At that time, ETH's price oscillated in the range of about 1,520–1,550 USD and recorded a significant 24-hour decline, with both price and ranking under pressure, creating a clear snapshot of the phase.
From a preference structure perspective, this intersection at that moment appears to be a market voting with its feet: on one side, the asset size pegged to the dollar continues to expand, while on the other side, the price of ETH declines, and leveraged longs being liquidated leads to an overall contraction in valuation. Some described this ranking change as the "first time in nine years that such an asset surpasses ETH," and others extended this to a narrative of a "historic turning point." However, these statements are currently interpretations at the opinion level; the time span and whether this is the "first" lacks unified verifiable evidence. What can be confirmed is that at a certain period on that day, ETH was indeed marginally pressed by USDT on the market cap list, and this constituted a market signal that needed to be recorded seriously.
The brutal day of 168 million USD ETH longs being liquidated
According to multiple Chinese media outlets citing on-chain analyst @ai_9684, on June 6, 2026, this approximately 168 million USD scale leveraged long in ETH was dismantled and operated across addresses 0xc3f…931e4 and 0x34d…c4ac1, ultimately being triggered for liquidation multiple times within the same day, with a cumulative passive sell-off of 31,915 ETH. A single source further stated that 0xc3f…931e4 had borrowed 41,167.63 ETH, with the latest liquidation price around 1,472.09 USD; combined with other analyses that give a liquidation price range of 1,472–1,526 USD, it can be seen that this was a high-leverage long structure, highly sensitive to price pullbacks. Once the spot price slipped into this "minefield," the liquidation engine would be ignited repeatedly.
With ETH's price already fluctuating between approximately 1,520–1,550 USD, and sentiment weak, the forced liquidations of tens of thousands of ETH long positions not only amplified on-chain selling pressures but also led the market to reassess risk preferences: a similar scale of leveraged positions, once concentrated in close price ranges, would evolve into a "collective execution" during pullbacks. It is important to emphasize that equating this liquidation event directly to "deleveraging across the entire market" mainly stems from subjective interpretations by a few analytical accounts and certain tweets. Currently, it is more suitable as a possible explanation rather than a conclusion that has been entirely confirmed by on-chain data.
Wang Chun's associated wallet withdraws 17,560 ETH against the trend
On the same timeline, while one end of the long position was repeatedly liquidated on-chain, the other end chose to move funds away from the exchange. According to various on-chain monitoring accounts and Chinese media reports, on June 6, 2026, a wallet address associated with F2Pool co-founder Wang Chun withdrew 17,560 ETH from Binance, amounting to about 28.67 million USD at the time. This funding moved from a centralized exchange to a self-custody address, juxtaposed with the scene of approximately 31,915 ETH leveraged longs being liquidated in batches that day, forming a starkly contrasting on-chain mirror: on one side was passive liquidation, while on the other was active withdrawal.
TechFlow, Odaily Star Daily, and others interpreted this action in their reports as "suspected accumulation/increasing ETH" and "bargain buying," but the reports themselves did not provide any public explanation from Wang Chun or F2Pool, nor were there any further on-chain evidence to directly prove the subsequent use of the withdrawn funds. Some comments suggested that the withdrawal of 17,560 ETH might have just been a result of liquidity management, cold wallet security management, or other position restructuring; these arguments, like the narratives of "bargain buying" and "bullish," also remained at the possibility level. The only two facts that can be confirmed are: first, this ETH indeed left Binance on the day when USDT briefly surpassed ETH's market cap, with ETH's price under pressure and leveraged longs facing large-scale liquidations; and second, the true motivation behind this "counter-trend withdrawal" is still the stories projected by the market rather than a conclusion already entrenched in on-chain data.
On one side is forced exit, and on the other side is coin withdrawal entering the market: ETH long-short narrative pulls apart
Returning the timeline to June 6, 2026: on one end, USDT briefly surpassed ETH with a market cap of about 18.704 billion USD against ETH's 18.3628 billion USD; on the other end, ETH's price fell back in the range of approximately 1,520–1,550 USD. On the same day, addresses 0xc3f…931e4 and 0x34d…c4ac1 tracked by on-chain analysts saw a leveraged long of about 168 million USD in ETH triggered for liquidation multiple times, with a total of 31,915 ETH passively exiting. Some analysts estimated the liquidation price range fell between 1,472–1,526 USD. This series of passive selling was interpreted as a signal for "deleveraging": as ETH was pushed to third place by USDT and faced downward pressure on price, those who were liquidated first were the ones betting on long positions but could not withstand the volatility.
Also on that day, another completely opposite on-chain action occurred: according to public on-chain monitoring, a wallet associated with F2Pool co-founder Wang Chun withdrew 17,560 ETH from Binance, worth about 28.67 million USD at the time. This "counter-trend withdrawal" was interpreted by many Chinese communities as adding to positions at lower prices, but there were also comments reminding that such large withdrawals could also be merely for liquidity management or position restructuring, and the motivation had not been confirmed by the parties involved. Thus, on the same timeline, we saw one end with high-leverage longs being swept out due to liquidation, and the other end with large amounts of assets returning to self-custody addresses from the exchange: it cannot simply be said that this is a clear signal of a top or bottom; rather, it resembles a process of risk repricing under structural competition, and which party's narrative is closer to the future can only be verified by subsequent changes in market cap and new on-chain actions.
From market cap rankings to on-chain large holders: three clues to watch next
When piecing together this day, we find that ETH is in a typical structural adjustment phase: on one side, on June 6, 2026, USDT had a market cap of approximately 18.704 billion USD, briefly surpassing ETH's approximately 18.3628 billion USD, reflecting a temporary preference for USD-denominated assets; on the other side, an approximately 168 million USD leveraged long in ETH across addresses 0xc3f…931e4 and 0x34d…c4ac1 faced multiple liquidations, with a total of 31,915 ETH being swept out; on the same day, Wang Chun's associated wallet withdrew 17,560 ETH from Binance, returning assets to self-custody addresses on-chain. In such tension, the three clues to watch next are: first, whether the market cap rankings of USDT and ETH will exhibit repeated switching, or whether this intersection was just a one-time event; second, whether similar large leveraged positions like this long will continue to be concentrated and liquidated, or whether the pace of liquidation will slow down; and third, whether Wang Chun's associated addresses and other identifiable large holders will continue to increase their on-chain ETH holdings in the subsequent period. Meanwhile, it is essential to remind ourselves constantly: phrases such as "the first time in nine years," "deleveraging signals," and "bargain buying" mostly come from commentary and tweets; what can truly be confirmed as a fact are the market cap numbers and on-chain transaction records that have already occurred on that day. Any causal chains must wait for new data to emerge before conclusions can be drawn.
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