A sudden drop in the early morning caused significant losses for a whale holding a long position of $253 million. Approximately $140 million in long positions were forcibly liquidated, resulting in a realized loss of about $49.02 million. When combined with the unrealized losses from remaining positions, the total account loss reached $61.41 million. More notably, this whale has not fully exited the market and still holds long positions in BTC and ETH worth about $113 million.
On November 9, according to PANews citing data monitored by on-chain analyst Yu Jin, a whale that previously held about $253 million in long positions experienced large-scale liquidation during the market drop around 6 AM that morning.
The liquidated positions were valued at approximately $140 million, with ETH accounting for the vast majority.
Specifically, about 63,000 ETH long positions were liquidated, worth approximately $135 million, realizing a loss of about $48.47 million; additionally, around 60.8 BTC long positions were liquidated, valued at about $4.56 million, realizing a loss of approximately $550,000.
In total, the realized loss from the liquidated positions was about $49.02 million.
After the liquidation, the whale still held long positions in BTC and ETH valued at about $113 million; however, these remaining positions are also currently at a loss, with an unrealized loss of about $12.39 million. When adding realized losses and unrealized losses, the overall account loss is approximately $61.41 million. 
ETH Becomes the Main Source of Loss in This Liquidation
From the structure of the liquidation, ETH was the core component of this whale's liquidation.
The liquidated ETH positions were valued at approximately $135 million, accounting for the vast majority of all liquidated positions, resulting in a realized loss of about $48.47 million. In comparison, BTC positions were liquidated for about $4.56 million, with a realized loss of about $550,000.
This indicates that the risk was not only associated with a misjudgment in BTC direction but also related to the large-scale leveraged long positions in ETH established by the whale earlier.
Monitoring data shows that the liquidation price for the remaining BTC long positions held by the whale was about $72,197, and for the ETH long positions, it was about $2,004. In other words, even after experiencing the first round of large-scale forced liquidation, the account still retains a significant long exposure.
If the market continues to decline, the remaining positions may still face further reduction or forced liquidation.
How BTC's Decline Amplifies Leverage Risks?
The most dangerous aspect of leveraged trading is that the impact of a price drop is not just the unrealized loss of the positions themselves.
When the margin rate approaches the risk threshold set by the trading platform, the system will automatically close positions to prevent further losses in the account. For positions worth hundreds of millions of dollars, once the price hits the liquidation zone, concentrated liquidations may further increase short-term selling pressure in the market.
Especially when the whale holds long positions in both BTC and ETH, an overall market pullback may put pressure on the risk exposures of different assets simultaneously. This time, ETH contributed the vast majority of the liquidation amount, indicating that significant concentrated holdings in a single direction can lead to higher risk exposure.
However, the liquidation of a single whale does not directly prove that the entire market has the same leverage structure, nor can we conclude that the price drop was caused by that account based solely on this transaction.
The Remaining $113 Million Long Position Becomes the Focus for Future Observation
The most noteworthy follow-up to this liquidation is not the $140 million that has already been closed but the $113 million long positions that the whale still holds.
Currently, this part of the position still has about $12.39 million in unrealized losses, with the liquidation prices for BTC and ETH at $72,197 and $2,004, respectively.
Next, three signals need to be observed:
- Changes in remaining positions: whether the whale will actively reduce positions or continue to maintain the current long exposure.
- Changes in liquidation prices: whether BTC and ETH are approaching the risk zone of the remaining positions.
- Market leverage structure: whether other large accounts are experiencing similar long liquidations and whether a chain reaction of liquidations is forming.
From $253 million in long positions to $140 million forcibly liquidated, this whale has already paid a heavy price for a directional judgment. However, the remaining $113 million long position has not exited the market, indicating that this high-leverage trade is not yet over.
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