The crypto market experienced $1.6 billion in liquidations over the past 24 hours, with ETH, SOL, and DOGE falling more than 9%. However, on-chain data shows that a previously 23-time winning smart money opened a new Bitcoin short this morning with 20x leverage, holding 1,040 BTC, currently with an unrealized loss of $870k, and a liquidation price of $70,085.

Meanwhile, the largest BTC short on Hyperliquid, "pension-usdt.eth," just closed part of its BTC short position to take profits, with an unrealized gain of $3.23 million, then shifted to short ETH. Its previous BTC short entry was around $69,423, with a position size once exceeding $100 million.
The longs are bleeding, and the shorts are rebalancing. This is not just a simple long vs. short battle but a divergence in leverage structures—large funds are shifting from single-direction bets to hedging and rotation.
ETH longs are in an even worse position. A whale that previously made $44.61 million profit from ETH longs now has an unrealized loss of $46.01 million, having added $4.9 million in margin to avoid liquidation. The 120k ETH long position linked to a major whale on BIT is losing over $50 million, with the most dangerous liquidation price near $1,716.
Market sentiment is extremely panicked, but the actions of smart money indicate one thing: they do not see this as a bottoming opportunity but are preparing for lower prices. Leverage liquidations are not over, and liquidity is being drained.
$eth #sol #doge #btc #hype #usdt