This morning, the cryptocurrency market saw another decline, with Bitcoin briefly dropping below $113,000, a drop of over 2.8% in the past 24 hours, while Ethereum's decline exceeded 5.5%. According to data from CoinGlass, the total liquidation amount across the network in the past 24 hours exceeded $500 million, mainly due to long position liquidations.
Long traders suffered heavy losses.
The consecutive declines have severely impacted many long traders. According to on-chain data, a trader who started with $120,000 in capital to long Ethereum saw their account value peak at $43 million. However, due to a lack of timely profit-taking, their net worth significantly shrank to about $7 million after closing positions yesterday. Even more regrettably, after closing positions, the trader again leveraged to long Ethereum, resulting in a further loss of $6.22 million. Ultimately, the trader's account value is only left with $770,000, with gains from the past 4 months completely wiped out in just a few days.
This legendary trader went long on $ETH again but was liquidated in the market crash, losing $6.22M. Starting with just $125K, he grew his accounts to $6.99M (peaking at over $43M). Now only $771K remains—4 months of gains nearly wiped out in just 2 days. https://t.co/aHuSEEQVhx pic.twitter.com/byQrsQGnOs
— Lookonchain (@lookonchain) August 20, 2025
Institutions have not given up on the opportunity to increase positions.
However, even though prices continue to be sluggish, institutional investors still have confidence in the prospects of Ethereum. According to an official announcement, Ethereum reserve company Sharplink announced last night that it acquired 143,593 Ethereum at an average price of $4,648 over the past week; the leading institutional holder BitMine also announced that it accumulated 370,000 Ethereum in the past week. Among them, Sharplink's purchase volume is even more than double that of the past, indicating that even with the price drop, these companies' confidence in Ethereum reserves has not diminished.
On the other hand, the highly discussed buddy in the Chinese-speaking world, despite still being in a floating loss position, currently has accumulated a floating loss of nearly $13 million, and continues to increase positions in HYPE, BTC, and ETH long positions during the downturn.
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