Crypto Market Liquidation Cascade & BTC Price Action
A wave of crypto liquidations hit, most dramatically wiping out Machi's $12.25M trading stack back to near zero. BTC traders are debating whether the flush is over and if a bounce is in play.
What we know
The headline event: An account on X reported that Machi, who turned $56K into $12.25M on Hyperliquid over 4 months, was fully liquidated back to $21.8K. Meanwhile, a contrarian short trader (0xDD6A on Aster DEX) made over $6.4M holding 20x shorts on BTC, ETH, SOL, XRP, and DOGE with a 100% win rate. On BTC specifically, another account on X described the move as a 'quick mechanical flush' of newly-added OI with spot selling via Coinbase, elevated put IV (40.5% vs 35.6% calls). Another account on X was stopped out at -$320 from an $81.7K long and is now watching for re-entry. Another account on X sees a sideways range + wick-down as a likely bottom. Another account on X advises buying the $70K–$80K dip zone. Another account on X noted 'bears are gloating.' another account on X cryptically asked 'WINTERMUTE??' suggesting possible MM involvement.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.