Derivatives Data

Blockchain monitoring organization Onchain Lens data shows that well-known investor Machi Big Brother (Huang Licheng, Machi Big Brother) was fully liquidated from Bitcoin and Ethereum long positions during the market turbulence on February 23 when Bitcoin fell below the $65,000 mark, resulting in a total loss exceeding $27 million. The New Year film he invested in, "Kung Fu," also ended up losing money.

10x Research points out that Bitcoin options expiration, political uncertainty, and position concentration will influence the price movement around the $60,000 level in the coming days. The market has not accounted for tail event risks; attention should be paid to capital flows and incentive structures to prepare for potential sharp price fluctuations. The report reminds to stay patient and realistic, and to assess whether $60,000 is a reasonable scenario.

According to Coinbob monitoring, the largest on-chain ETH whale currently holds ETH long positions with 15x leverage, with an unrealized loss of $11.8 million and a loss of 138%. Its holdings amount to approximately 70,000 ETH, with a total value of $127 million, and an average price of $1,991. Recently, it increased its position by 10,000 ETH at $1,880, with a total deposit of $55 million. The account funds are approximately $34.3 million. This whale employs a high-selling, low-buy trading strategy.

According to BlockBeats, two Hyperliquid traders experienced significant drawdowns on their BTC long positions. The "100% Win Rate Low Drawdown" trader managed positions with high leverage, resulting in a loss of 452%; while "Paul Wei" adopted a conservative strategy, with a loss of 57.6%. Both used pyramid position management strategies for trading.

BlockBeats News, February 24 — According to Coinglass data, the total open interest in Bitcoin futures contracts across the entire network is 695,600 BTC, approximately $44.22 billion, hitting a new low since August 2025, down about 53% from the peak of $94.12 billion in October 2025. Leverage in the derivatives market is decreasing significantly, and overall market participation and speculative enthusiasm are cooling down.

Between 04:00 and 04:15 (UTC) on February 24, 2026, the price of BTC experienced a rapid decline. The 15-minute candlestick showed a return of -0.91%. Trading volume significantly increased in a short period, and market sentiment shifted to caution, with attention markedly heightened. The intensified rapid fluctuations triggered some short-term funds to exit the market, and market participants became highly alert to subsequent movements. The main driver of this abnormal movement was the concentrated liquidation of leveraged positions. Data shows that short-term contract positions experienced mass liquidations, with several key leverage support levels quickly broken through, leading to automated trading systems executing high-frequency sell-offs, further amplifying the decline. Meanwhile,

ChainCatcher reports that, according to Coinglass data, if BTC breaks through $66,725, the total liquidation strength of mainstream CEX short positions will reach $1.362 billion. Conversely, if BTC drops below $60,903, the total liquidation strength of mainstream CEX long positions will reach $721 million.

ChainCatcher reports that, according to Coinglass data, if ETH breaks above $1,922, the total liquidation strength of long positions on major CEXes will reach $692 million. Conversely, if ETH drops below $1,748, the total liquidation strength of short positions on major CEXes will reach $360 million.

Odaily Planet Daily reports that, according to Onchain Lens monitoring, the largest HYPE long address (0x082e) holds 1.38 million HYPE tokens (worth $35.9 million). The long position is currently floating at a loss of $17.47 million. Today, this address deposited 2.4 million USDC into Hyperliquid to avoid liquidation, and its liquidation price has now dropped to $23.91.

2026-02-24 03:00 to 03:15 (UTC), BTC price recorded a K-line return of +0.02% after a period of high volatility. The short-term performance was a slight oscillation with a slight upward trend, and market attention continued to be cautious under the previous macro and regulatory pressures. Trading volume significantly declined compared to the previous day, volatility reached a low point in the stage, and the overall market trend was mainly sideways. The main driving force behind this anomaly was the marginal recovery after extreme panic the previous day, as well as active intervention by quantitative funds and high-frequency arbitrage strategies. On February 23, macro events such as the US imposing additional tariffs and regulatory policies remaining undecided triggered a short-term reaction in BTC.

On February 24, 2026, from 03:00 to 03:15 (UTC), ETH recorded a -0.64% candlestick return during a peak liquidity period, showing a continuous slight decline. In the context of the recent overall bearish market, ETH's price tested the lower support level during this period with no effective rebound, and increased volatility has attracted market attention. Although the short-term decline is not extreme, it reflects the overall pressure on mainstream cryptocurrencies. The main drivers of this movement are the continuous outflow of large-scale funds and structural technical declines. Capital net outflows over the week, represented by stablecoins, ETFs, and derivatives, exceeded $2.5 billion, leading to a decrease in buying interest.

Recently, market volatility has increased, and multi-asset contract trading has been active. According to CoinGlass data, TW88 and HK50 have seen position increases of 3653.99% and 1671.68%, respectively, becoming focal points of investor attention. The Gate platform supports various traditional financial assets, offers 24-hour trading, and provides leverage of up to 100x.

Gate News bot message, a newly created wallet deposited 1.8M USDC into Hyperliquid. The wallet holder then opened a 25x long position on 13,563 ETH, totaling $24.87M. The liquidation price stands at $1,748.18.

Hyperliquid early contributor Loracle opened a ZEC long position with 10x leverage on February 15, with a size of $8.5 million, becoming the largest on-chain long position. Currently, ZEC price has fallen to $237, resulting in a 316% loss. He has begun reducing his position, with holdings now down to $1.14 million.

Ripple (XRP) is trading around $1.40 despite recent market pressures. Investment inflow has significantly slowed, with only $3.5 million entering XRP products last week. In contrast, Bitcoin and Ethereum face capital withdrawals, indicating a cautious investor sentiment, though XRP shows stability in futures contracts.

According to Coinglass data, whale holdings on the Hyperliquid platform have reached $2.78 billion, with long and short positions nearly balanced at 49.44% and 50.56%, respectively. Currently, long positions are losing $221 million, while short positions are making a profit of $306 million. The giant whale address 0xa5b0..41 opened a 15x leveraged full-position long when ETH price was $1991.53, currently unrealized losses amount to $10.6425 million.

Gate News bot message, Machi Big Brother (@machibigbrother) experienced a complete liquidation on his ETH long position with 25x leverage. According to the report, his overall losses now amount to approximately $29 million.

ChainCatcher reports that, according to Coinglass data, if BTC breaks through $67,982, the total liquidation strength of long positions on major CEXs will reach $1.669 billion. Conversely, if BTC drops below $61,590, the total liquidation strength of short positions on major CEXs will reach $1.055 billion.

ChainCatcher reports that, according to Coinglass data, if BTC breaks through $67,967, the total liquidation strength of long positions on major CEXs will reach $1.413 billion. Conversely, if BTC drops below $61,742, the total liquidation strength of short positions on major CEXs will reach $1.029 billion.