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Ethereum's Plunge Triggers US$397 Million in Liquidations as Whale Position-Closing Signals Heighten Market Caution
Cryptocurrency
Summary:
Over the past 24 hours, the crypto market experienced a massive wave of liquidations, with over US$397 million in long positions forcibly closed. Ethereum and Bitcoin emerged as the primary victims. This development further dampened Ethereum's rebound momentum amid high market volatility, pushing its price back down to around US$3,531.
Sell
TradingETH-USDT
EXP
3456.38
Entry Price
2609.00
TP
4000.00
SL
3211.20 +14.42 +0.45%
0
Point
Flat
2609.00
TP
CLOSING
3456.38
Entry Price
4000.00
SL
Fundamentals
Over the past 24 hours, the cryptocurrency market has experienced its largest wave of liquidations in recent weeks. According to data from liquidation tracking platforms, over US$397 million in long positions were forcibly closed, highlighting a significant cooling in market risk appetite.
The decline was primarily concentrated in Bitcoin (BTC) and Ethereum (ETH), with leveraged positions in these two major assets becoming the primary targets for capital outflows, leading to a significant drop in overall market liquidity.
The prominent crypto whale HyperUnit has fully liquidated its long positions in Ethereum, locking in approximately US$2.8 million in profits. This address gained notoriety for its precise shorting of ETH during the October 10th pullback, which yielded cumulative gains exceeding US$200 million. While this liquidation yielded relatively modest profits, it sends a crucial signal—whales are transitioning from offensive to defensive strategies.
Transaction data also indicates that funds have flowed into multiple centralized exchanges such as Kraken, Binance, and Hyperliquid, suggesting an intention to reduce leverage exposure and temporarily exit risk assets.
The departure of whales and liquidation events have rapidly cooled speculative sentiment in the ETH derivatives market. Arkham data indicates that open interest (OI) in ETH contracts has significantly declined following liquidations, while derivatives trading volume has also temporarily contracted. This signals that the market is undergoing a self-correcting deleveraging process. Such scenarios typically involve increased short-term price volatility, narrower trading ranges, and temporary liquidity declines.
Technical Analysis
From a technical perspective, after rising above US$3,800 in mid-October, ETH has repeatedly encountered resistance and retreated. It currently hovers near the critical support zone at US$3,500. Should this support fail to hold, the likelihood of further declines toward US$3,420 or even US$3,200 increases.
Conversely, if market liquidation concludes and capital re-enters the market, the short-term rebound target will focus on the range between US$3,650 and US$3,720. Further declines may test the July starting point of US$2,560.
The current market environment is characterized by high volatility and uncertainty. While the unwinding of large positions has alleviated short-term selling pressure, it also indicates that major capital is adopting a wait-and-see approach, with speculative funds exiting the market. In the near term, ETH's price trajectory may remain volatile with a bearish bias. Only after liquidations conclude and position structures are rebuilt is there potential for prices to stabilize and rebound.
Trading Recommendations
Trading Direction: Sell
Entry Price: 3600
Target Price: 2609
Stop Loss: 4000
Valid Until: November 27, 2025 23:55:00
Support: 3462, 3401, 3357
Resistance: 3598, 3659, 3916
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