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Just caught this on-chain: a whale got absolutely wrecked on a 40x BTC long position. Lost $1.167M in 24 hours when Bitcoin tanked to $65,056. The liquidation hit 395.14 BTC and cost them $520K right there, and their SOL long position flipped from green to deep red too.
Here's what's wild—this trader still has around $13.75M in active long positions on the books. They're holding a massive 500 BTC long with liquidation sitting at $65,930, which means basically no breathing room. One more dip and it's game over.
This is exactly why overleveraged long position trading can turn into a bloodbath so fast. The account was already running thin on safety margin, and when BTC dropped like that, there was nowhere to hide. Ai Yi flagged this on-chain, and it's a solid reminder of how quickly things can unwind when you're playing with that kind of leverage on a long position.