Large traders urgently close positions worth $80 million! BTC/ETH long positions fall below cost, on the verge of liquidation

【Blockchain Rhythms】In the recent wave of market fluctuations, on-chain data shows that a heavyweight player is rapidly adjusting their positions. This address started building a position in December last year with an initial capital of approximately $20 million, gradually increasing leverage on BTC and ETH with 20x margin long positions. Interestingly, this operational approach is completely opposite to those large publicly listed companies that continuously increase their BTC holdings, leading the market to label it as an “on-chain counterparty.”

But the situation suddenly changed. Due to a short-term correction in BTC, all seven main cryptocurrencies held long positions that this address owned fell below their average holding prices. Seeing the situation turn unfavorable, the address decisively took action—completely closing long positions in XRP and SOL, and gradually reducing other positions. In just a few days, the total liquidation amount exceeded $80 million, with total holdings shrinking from $351 million to $270 million.

The main positions still held are: BTC 20x long, 1,712 coins, with a cost basis of about $160 million, currently at a loss of $260,000, with the current price at $91,000, and a liquidation price at $75,000; ETH 20x long, 29,000 coins, with a cost basis of about $90 million, currently at a loss of $170,000, with the current price at $3,117, and a liquidation price at $2,194. Based on the distance to liquidation, a slight misstep could trigger a chain reaction.