Whale Trader Suffers $1.167 Million Loss with 40x Leverage on Bitcoin

A large-scale liquidation occurred for a cryptocurrency trader who was operating with 40x leverage on Bitcoin (BTC). The price drop to $65,056 triggered the liquidation, resulting in a total loss of $1.167 million over the past 24 hours, according to ChainCatcher's on-chain analysis.

The incident highlights the risks associated with high-leverage trading and the potential for significant losses when market conditions change rapidly.