Data shows over 1.6 million traders were liquidated, underscoring how geopolitical shocks can swiftly reshape crypto markets.
A crypto whale has pocketed over $160 million in profits after correctly betting on Bitcoin and Ethereum’s recent price decline.
On October 11, blockchain analysis platform Lookonchain reported that a long-term Bitcoin holder had opened more than $1.1 billion in short positions on the top two cryptocurrencies by market capitalization.
The trader effectively wagered that both assets would drop in value despite their recent bullish momentum.
Within just 30 hours, that prediction proved right — Bitcoin and Ethereum prices fell sharply, earning the trader an estimated $160 million in realized profit.
Following the sell-off, the trader began closing most of the positions, retaining only 821.6 BTC worth about $92 million.
The timing of this move has fueled speculation about whether the whale had early insight into upcoming macroeconomic shifts that triggered the broader market decline.
On Friday, Trump announced a 100% tariff on Chinese imports and new export controls targeting critical software industries.
The tariff, scheduled to take effect on November 1, spooked investors in both traditional and crypto markets, sparking widespread sell-offs in risk assets.
According to BeInCrypto data, Bitcoin’s price dropped to as low as $105,262 before recovering to $111,052 as of press time.
Other major assets such as Ethereum, Solana, Dogecoin, and XRP followed similar trajectories. Their sharp declines triggered the highest daily liquidation figures ever recorded.
Indeed, more than 1.6 million traders were liquidated, wiping out $19.31 billion in positions within 24 hours, according to CoinGlass data.
Long traders — those expecting further price gains — absorbed the bulk of the losses, totaling $16.82 billion. Short traders, despite the downturn, lost an additional $2.5 billion.
Bitcoin accounted for $5.37 billion of the total liquidations, followed by Ethereum with $4.43 billion. Solana traders lost $2 billion, while HYPE and XRP traders lost $890.37 million and $708.24 million, respectively.
Amid the volatility, decentralized exchange Hyperliquid emerged as the largest liquidation venue, handling $10.3 billion or about 53% of all liquidations. Bybit followed with $4.65 billion, while Binance and OKX recorded $2.39 billion and $1.21 billion, respectively.
The episode underscores how geopolitical shocks and whale-scale trades can swiftly reshape crypto market dynamics. In such situations, even seasoned traders can be exposed to massive losses or extraordinary gains.
