A former Google tech lead liquidated his Bitcoin and self-exposed his leveraged liquidation. It sounds like a personal tragedy, but in the current market, it’s a mirror.

Patrick Shyu is not an ordinary retail investor. He once served as an architecture lead at YouTube, understanding both technology and risk. He admitted that Bitcoin dropped from $120k to $60k, a 50% decline, with excessive leverage, and a small mistake led to severe consequences.
Behind this is a true reflection of the market microstructure: as prices halve from highs, the pain threshold of leveraged long holders is constantly tested. On-chain data shows that the loss supply has reached an all-time high, with short-term holders’ cost basis around $74,800, while prices hover around $60k. This divergence means that every rebound faces selling pressure from those trying to break even.
More concerning is that this liquidation is not an isolated case. Recently, multiple whale addresses have reduced their ETH and BTC holdings at a loss, including addresses that had been dormant for two years and institutional holdings. Once the liquidation chain in the leveraged market is triggered, it accelerates the downward price discovery process.
Of course, leveraged liquidations also mean a phased clearing of selling pressure. But clearing does not equal bottoming out, because the holder structure has split: some leave in despair, while others wait for lower prices. The market needs time to digest these floating losses.
For traders, instead of guessing the bottom, it is better to observe the reduction speed of on-chain loss addresses. Only when panic selling slows down will the true bottom structure emerge.
$eth #btc #On-chain data #区块链 #Crypto market