Whoa, this situation has me a little stunned. An address held an Intel long for 118 days, then this morning it got completely liquidated on-chain in one go, losing about $1.82 million 😂
This wallet trades U.S. stocks on on-chain perpetuals. It opened an Intel long around $100 in July, then kept adding to the position as the price continued to fall. After several additions, its average entry price was down to $94.28.
Last week, Intel issued a pretty ugly outlook, and the stock fell from $92 to around $60 in just two trading days. The wallet held about 50,900 contracts, with a notional value of roughly $2.98 million. At around 9:30 a.m. Beijing time today, the price hit $58.44 and the system force-closed the entire position, resulting in a loss of 38%.
What stings even more is that it also has a Micron long position. The entry price was $927.34, and the price is now around $837, leaving it with an unrealized loss of about $590,000. It’s now just a little over 6% away from its liquidation price of $783.87.
And it’s not alone. In the past 24 hours, at least five accounts have had their U.S. stock and commodity positions on-chain liquidated, for a combined total of about $7.76 million. One address on Nasdaq 100 has been partially liquidated four times between yesterday afternoon and today.
Moving U.S. stocks on-chain means you can use leverage even in the middle of the night on weekends. Sounds pretty exciting, but when stocks tank, they’re no gentler than altcoins. After holding one stock for four months, one big red candle wiped it all out. Just seeing it is exhausting.
If you’re new, it’s best to watch more and trade less. If you’re buying crypto, just buy $BTC
This wallet trades U.S. stocks on on-chain perpetuals. It opened an Intel long around $100 in July, then kept adding to the position as the price continued to fall. After several additions, its average entry price was down to $94.28.
Last week, Intel issued a pretty ugly outlook, and the stock fell from $92 to around $60 in just two trading days. The wallet held about 50,900 contracts, with a notional value of roughly $2.98 million. At around 9:30 a.m. Beijing time today, the price hit $58.44 and the system force-closed the entire position, resulting in a loss of 38%.
What stings even more is that it also has a Micron long position. The entry price was $927.34, and the price is now around $837, leaving it with an unrealized loss of about $590,000. It’s now just a little over 6% away from its liquidation price of $783.87.
And it’s not alone. In the past 24 hours, at least five accounts have had their U.S. stock and commodity positions on-chain liquidated, for a combined total of about $7.76 million. One address on Nasdaq 100 has been partially liquidated four times between yesterday afternoon and today.
Moving U.S. stocks on-chain means you can use leverage even in the middle of the night on weekends. Sounds pretty exciting, but when stocks tank, they’re no gentler than altcoins. After holding one stock for four months, one big red candle wiped it all out. Just seeing it is exhausting.
If you’re new, it’s best to watch more and trade less. If you’re buying crypto, just buy $BTC
