Trend Research, one of the largest Ethereum whales, is approaching a critical liquidation threshold amid ETH's recent downward trajectory. The stakes for the company mirror those of Tom Lee’s BitMine, whose Ethereum Supercycle bet is proving fatal as prices decline. Ethereum Whale Trend Research Approaches $1.33 Billion Liquidation Threshold as Prices Slide Blockchain monitoring by @ai_9684xtpa reveals that the firm currently holds 618,246 ETH across six addresses. It has $1.33 billion in WETH posted as ...

Market Overview - Bitcoin (BTC) and the broader crypto market experienced a decline, influenced by the European Union's plans for €93 billion ($110 billion) in tariffs in response to U.S. President Donald Trump's threats regarding Greenland [1] - The tariff concerns negatively impacted equities in Europe and U.S. futures, while safe-haven assets like gold and silver reached record highs [1] Bitcoin Performance - Bitcoin is currently trading at $93,000, reflecting a 2.5% decrease since Sunday [2] - The cryptocurrency fell below the $94,500 support level, indicating a potential return to a trading range between $85,000 and $94,500, which has been in place since mid-November [3] Derivatives Market - The crypto market pullback resulted in nearly $800 million in leveraged long bets being liquidated within 24 hours due to margin shortages [6] - Total notional open interest (OI) in crypto futures decreased by over 2% to $138.14 billion, with Bitcoin's OI increasing by 0.65% while OI for other major tokens dropped by 8%-13% [6] - The 30-day implied volatility for BTC and ETH has not significantly increased, indicating traders do not expect major price movements in the near term [6] Altcoin Market - The altcoin market showed mixed performance, with the CoinDesk 80 Index (CD80) down 4.64% over the past 24 hours, while the CoinDesk 20 (CD20) fell by 2.5% [2] - Monero (XMR) diverged positively from Bitcoin, rising over 13%, while DeFi tokens faced double-digit losses [6] - Medium market cap tokens underperformed compared to major cryptocurrencies, highlighting a liquidity issue following October's liquidation events [6] Liquidations and Market Impact - The tariff-induced selloff led to $815 million in liquidations, with $231 million attributed to Bitcoin and the remainder affecting the altcoin market [6]

Trading Performance - The user experienced 19 liquidations [2] - The user bought Bitcoin (BTC) at the peak 5 times [2] - The user panic-sold at the bottom 30 times [2] - The user's fees exceeded their profits [2] Market Sentiment - Crypto trading is still better than traditional finance [1]

Protocol Mechanism - Ammalgam 使用从池储备中获得的内部价格范围，而不是信任单一价格源 [1] - 仓位以该范围内最保守的价格进行评估 [1] - 清算使用对借款人更有利的价格 [1]

Market Trend - If Bitcoin reaches $93,000, over $4 billion in leveraged short positions would face liquidation [1]

Market Opportunity - Arthur Hayes suggests that altcoins, significantly impacted by the ~$19 billion liquidation event in October, now offer an opportunity for investors who maintained capital [1] Monetary Policy Impact - The report indicates that the Federal Reserve's resumption of money-printing via Reserve Management Purchases is expected to increase liquidity and leverage [1] - The analysis suggests that increased liquidity will initially benefit Bitcoin (BTC) and subsequently lead to a recovery in altcoins [1]

Market Event Analysis - A major cryptocurrency exchange, Binance, experienced API issues leading to market maker shutdowns and widespread liquidations [1] - Many market makers were unable to provide sufficient liquidity to support the market [1] - Exchanges with internal market makers or price backstopping capabilities absorbed significant liquidation volumes, particularly in small-cap and major cryptocurrencies [1] Liquidity and Risk Management - Entities that backstopped prices during the market disruption are now unwinding their positions, involving tens of billions in liquidity [2] - The unwinding process involves de-risking strategies, similar to program trading liquidations, to minimize market impact [3] - Current market illiquidity is amplifying the impact of de-risking activities [3] Year-End Considerations - Year-end audits and market liquidity constraints are driving the need to complete de-risking activities promptly [3]

Liquidation Event - Whale 0xBADBB was partially liquidated for $16 million, consisting of $11 million in HYPE and $5 million in ETH [1] - The liquidation occurred due to the whale's large positions in HYPE ($60 million) and ETH ($184 million) [1] Position Overview - Whale 0xBADBB's remaining HYPE position is valued at $4488 million [1]

Market Dynamics - A Binance whale experienced a liquidation of a BTC/USDT long position valued at $11.58 million [1] - The liquidation occurred in a single order as Bitcoin's price dropped below $86,000 [1]

Market Sentiment - Market is reacting negatively to Machi's trading activities [1] Trading Activity & Losses - Machi added 250 thousand $USDC to long $ETH [1] - Machi experienced three liquidations shortly after topping up [1] - Machi's total losses exceed 227 million [1] Current Position - Machi's current position is 2,300 $ETH, valued at 696 million [1] - Liquidation price for the current position is $3,009.76 [1]