A high-profile whale had to close $120M in positions on Hyperliquid, incurring significant costs and funding fees. BTC slid to $60,000 after over-leveraged longs were attacked.

Bitfinex bitcoin margin longs have grown to over 60,000 BTC while the BTC price has dropped to below $80,000. The position has increased by over 13,000 BTC since the start of the year.

After the recent liquidations, BTC sees extremely sparse long positions, as low as $86,000. Liquidity has now shifted to short positions up to $99,700, suggesting a market recovery may follow to ...