After 8 liquidations, the $ETH long position is back up $70,000
Someone who had been liquidated 8 times and once had only $1.50 left in their account has made a comeback today.
On the afternoon of October 30, Huang Licheng deposited another 250,000 USDC to go long. He has two positions: a 25x long on 2,925 ETH, with unrealized profits exceeding $70,000 and a liquidation price of $2,219.36; and a 10x $HYPE long on 4,250 tokens, with an unrealized loss of $12,000. He also sold two Bored Apes (#950 and #5310) over the counter (OTC).
The market has been fairly kind. ETH is now at $2,266.19, up 1.32% in 24 hours, with a funding rate of +0.0034%—the payment settled every 8 hours is close to zero, and nobody is rushing to add leverage.
The data suggests that $ETH is leaning bullish in the short term: the price is above his cost basis. The downside: honestly, this position is far too leveraged. Its liquidation price of $2,219.36 is just below the current price, and even a brief pullback could trigger a cascade of forced liquidations and crash the market.
Someone who had been liquidated 8 times and once had only $1.50 left in their account has made a comeback today.
On the afternoon of October 30, Huang Licheng deposited another 250,000 USDC to go long. He has two positions: a 25x long on 2,925 ETH, with unrealized profits exceeding $70,000 and a liquidation price of $2,219.36; and a 10x $HYPE long on 4,250 tokens, with an unrealized loss of $12,000. He also sold two Bored Apes (#950 and #5310) over the counter (OTC).
The market has been fairly kind. ETH is now at $2,266.19, up 1.32% in 24 hours, with a funding rate of +0.0034%—the payment settled every 8 hours is close to zero, and nobody is rushing to add leverage.
The data suggests that $ETH is leaning bullish in the short term: the price is above his cost basis. The downside: honestly, this position is far too leveraged. Its liquidation price of $2,219.36 is just below the current price, and even a brief pullback could trigger a cascade of forced liquidations and crash the market.