$BitMine Immersion Technologies Inc.(BMNR)$ Over $1.5 billion in liquidations were triggered as Ethereum
ETH-3.34%
(ETH) fell below $4,000, marking the largest single-day losses since late 2024. According to Coinglass data, ETH
dropped 9% to $4,075, with nearly half a billion dollars of leveraged long positions wiped out as traders faced margin calls. Bitcoin
BTC-1.31%
(BTC) also slid 3% to $111,998, though it recovered slightly by midday. The 24-hour liquidation event affected over 407,000 traders, reflecting extreme market stress and leveraged positioning across altcoins like Dogecoin
The decline was exacerbated by panic selling from large holders. Whale addresses, including 0x3c9E, liquidated 1,000 ETH for $4.19 million, compounding losses as the price dropped. Another whale, 0x09D4, dumped 56,569 HYPE tokens at a $103,000 loss, while BV2gzZ sold 307 million PUMP tokens for a $582,000 loss. These actions underscored a broader trend of leveraged positions collapsing under margin pressure, with smaller traders disproportionately impacted
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