Cryptocurrency Market Sees First Downturn in Nearly Two Years Amid $971 Million Liquidations

The cryptocurrency market experienced its first downturn in nearly 20 months, with Bitcoin briefly dropping below $60,000 and Ethereum falling below $1,600. Total liquidations reached $971 million, with long position liquidations accounting for $785 million.

One of the biggest victims of the market decline was a Hyperliquid trader who holds 120,000 ETH long positions, incurring a floating loss exceeding $77 million. The trader still maintains a relatively healthy margin, having added $8 million to prevent liquidation at $1,200.

Machi, known as the 'Loyal ETH Bull Guard,' has seen cumulative losses exceed $33.75 million on a single address. Despite this, he has opened a new 25x leverage long position on ETH with a smaller size and unrealized profit of around $20,000.