According to @EmberCN, a prominent trader on Hyperliquid has significantly increased their Ethereum (ETH) long positions, adding 15,000 ETH this morning. The trader now holds 120,000 ETH across two addresses, with a total position value of $230 million. Despite the accumulation, the trader is currently facing an unrealized loss of $10.35 million. Key positions include a 70,000 ETH long at an entry price of $1991 and a liquidation price of $1362.

According to Lookonchain, trader 0x7c93 executed an extreme positioning strategy by using maximum leverage to long gold and silver while shorting the entire cryptocurrency market. This aggressive approach has resulted in an unrealized profit of over $1.17 million, showcasing a bold bet against crypto in favor of traditional commodities.

According to Phantom, traders can now engage in long or short positions with up to 20x leverage on their platform. This new feature aims to provide advanced trading opportunities for perpetual contracts, potentially attracting high-risk, high-reward investors. The offering could significantly impact trading strategies in both crypto and commodity markets.

According to Lookonchain, trader James Wynn has claimed 1,389.31 USDC in referral rewards and proceeded to open a 40x short position on 1.1482 BTC, valued at $76.7K. This aggressive leverage move places his liquidation price at $67,575.89, signaling a high-risk strategy in the volatile Bitcoin market.

According to @glassnode, the 90-day SMA of top crypto assets' Change in Open Interest [%] has stayed negative since October 2025. This indicates a continued contraction in speculative premium and derivatives liquidity. The lack of leverage appetite highlights a persistent risk-off sentiment in the market.

According to Charles Edwards, MicroStrategy's (MSTR) business model heavily relies on Bitcoin's (BTC) consistent double-digit annual growth. If Bitcoin's price were to plummet to $8,000, the company's leveraged position could lead to insolvency, as refinancing might become impossible. Edwards suggests that while such a drastic drop is unlikely, Bitcoin's growth rate will not remain at its historical levels indefinitely. He emphasizes that MicroStrategy must eventually pivot toward becoming a Bitcoin-focused bank with sustainable yields to avoid financial collapse.

According to @OnchainLens, prominent trader Machi (@machibigbrother) has faced another partial liquidation on his $ETH 25x leveraged long position as the market continues to decline. This has brought Machi's cumulative losses to over $27.52 million, highlighting the risks associated with high-leverage trading during volatile market conditions.

According to Lookonchain, an Ethereum (ETH) super bull using the wallet address 0x6C85 has aggressively invested in Hyperliquid, depositing $30.71M in USDC and opening a long position of 40,000 ETH, valued at $80.92M. The trader, leveraging significant capital, may further increase the position. This high-stakes strategy highlights confidence in ETH's upward potential but raises the question of potential liquidation risks in volatile market conditions.

According to @ai_9684xtpa, an additional 1.98 million USDC was added as margin in the past 10 minutes, bringing the total Ethereum (ETH) long positions to 40,000 ETH, valued at $80.18 million. The average entry price is $2,039.43, with a liquidation price at $1,349.10 and an unrealized loss of $1.313 million, signaling increased leverage and risk exposure.

According to @lookonchain, a newly created wallet (0x6C85) has deposited 12.88M USDC into Hyperliquid to open a long position on Ethereum (ETH) using 20x leverage. The trader has acquired a position of 16,270 ETH, valued at $33.38M. This aggressive move highlights significant bullish sentiment on ETH, potentially influencing market dynamics.

According to @EmberCN, a significant Ethereum (ETH) holder has transferred 216,000 ETH (approximately $411 million) to Binance, indicating a potential move to unwind leverage. This trader had originally purchased 651,500 ETH at $3,180 and has since sold two-thirds of their holdings, amounting to 404,600 ETH at an average price of $2,071. On-chain data shows the remaining holdings include 247,000 ETH (valued at $476 million) and $321 million in stablecoins.

According to @ki_young_ju, BTC-USDT perpetual leverage is cooling as spot inflows from MicroStrategy (MSTR) and Bitcoin ETFs that previously prevented long-leverage flushes fade, bringing estimated leverage back near pre-ETF approval levels; source: https://twitter.com/ki_young_ju/status/2019526494805188881. In a separate post, he also warns the BTC-USDT perp market is overleveraged, roughly 2.7x above early-year levels and at an all-time high, urging traders to stay cautious; source: https://x.com/ki_young_ju/status/1856658433446973890.

According to @KobeissiLetter, crypto market losses have surpassed $300 billion and are on track for the biggest daily drop since the October 10 liquidation, source: @KobeissiLetter. The post adds that about $2 billion in levered positions were liquidated over 24 hours and Bitcoin (BTC) is near $62K, source: @KobeissiLetter.

According to @BullTheoryio, Bitcoin BTC fell below 70,000, wiping out nearly 120 billion in value over the past 24 hours, with about 900 million in long positions liquidated, and BTC now trades near its 2021 all time high. According to the same source, the scale of liquidations highlights elevated volatility conditions, prompting tighter risk controls for leveraged traders.

According to Binance Research, the S&P 500 has reached a record high while the U.S. stock market margin debt to M2 ratio is at 5.4 percent, a level near the 2000 and 2008 crises. According to Binance Research, this leverage backdrop signals a potential blow off risk, and a pullback could trigger a broader cross asset decline.

According to EmberCN, Trend Research cut exposure by selling 188,500 ETH at an average price of $2,263 over roughly four days and repaid $385 million USDT to reduce leverage; its ETH borrowing positions now show liquidation thresholds in the $1,576–$1,682 band, clustered near $1,640, and it still holds about 463,000 ETH, source: EmberCN. For trading, the reported liquidation cluster near $1,640 is a key risk zone to monitor for potential forced unwinds tied to these positions, source: EmberCN. Traders can track on chain movements of the reported addresses and watch price behavior as ETH approaches the $1,576–$1,682 range referenced by the source, source: EmberCN.

According to @EmberCN, a whale’s ETH long on Hyperliquid was liquidated with an estimated 230M USD loss. Per @EmberCN, the same address is also stopping out a leveraged spot position, selling 50,000 ETH (about 112.8M USD) to reduce leverage. Per @EmberCN, the address opened a 148,000 ETH leveraged long at 2,883 USD roughly a week earlier, after which ETH fell toward 2.2K USD, leading to the liquidation and de-leveraging.

According to Lookonchain, Machi Big Brother was liquidated another 10 times, with the 250K USDC he deposited one day earlier now down to 57.7K USDC (source: Lookonchain). According to Lookonchain, the pattern is deposit funds, double down on longs, get liquidated, repeat, highlighting persistent overleverage risk (source: Lookonchain). According to Lookonchain, this sequence underscores how averaging into leveraged longs can rapidly erode capital when positions are repeatedly liquidated (source: Lookonchain).

According to @EmberCN, Trend Research cut exposure by selling 153.5K ETH at an average $2,294 and repaid $266M USDT to deleverage. According to @EmberCN, their ETH borrowing positions show liquidation levels between $1,685 and $1,855, clustering near $1,800, and they still hold 498K ETH with a $3,180 cost basis. For traders, the $1,800 zone cited by @EmberCN as a liquidation cluster is a key level to monitor, while the deleveraging reported by @EmberCN lowers stated leverage but the large remaining holdings keep exposure significant if price approaches that band.

According to @lookonchain, trader Machi (@machibigbrother) was partially liquidated again, bringing his total liquidations to 252, reinforcing his King of Liquidations reputation (source: @lookonchain on X). According to @lookonchain, after a near wipeout he reloaded about 250K USDC and resumed max leverage long positions in ETH and HYPE (source: @lookonchain on X). According to @lookonchain, these max leverage longs concentrate risk and heighten sensitivity to volatility and potential liquidation cascades in ETH and HYPE exposure (source: @lookonchain on X). According to @lookonchain, the trading activity can be tracked via legacy.hyperdash.com/trader/0x020cA66C30beC2c4Fe3861a94E4DB4A498A35872 for ongoing position and liquidation signals (source: @lookonchain on X).