Largest on-chain crypto whales exit positions as market watchers turn bearish

Wallet addresses associated with the second-largest losing position on Hyperliquid have closed their BTC and ETH long positions, realizing a loss of $10.68 million. The whale then immediately opened a short position on ETH with a 6x leverage.

The prevailing market conditions in the crypto ecosystem have created a challenging environment for both traders and investors. On-chain data from blockchain explorer Onchain Lens indicates that a whale associated with Hyperliquid’s second-largest loser address has closed its 6x leveraged ETH position.

Whale loses over $10 million going long on Ethereum

The 2nd top loser on $ETH long on #HyperLiquid had its $ETH (6x) long position partially liquidated, losing $4.07M.

The whale is still holding the position with a floating loss of over $6M.https://t.co/oYWjUmhRYm pic.twitter.com/XLbFVQe65v

— Onchain Lens (@OnchainLens) November 20, 2025

Earlier, Onchain Lens reported that the whale’s position was partially liquidated, resulting in a $4.07 million loss. At the time, the whale’s remaining position floated with a $6 million loss. The whale lost $10.28 million from the long positions on Ethereum.

Blockchain explorer Lookonchain also flagged another wallet that closed running positions on Ethereum and Bitcoin, realizing a $6.2 million loss. The wallet then opened a short 2x leveraged position on Ethereum, worth approximately $60.4 million in 20,000 ETH.

The news marks a series of liquidations reported by on-chain explorers amid the ongoing crypto winter. Onchain Lens also reported that another whale, going by the pseudonym Machi Big Brother, deposited $250k worth of USDC on the decentralized perpetual futures exchange Hyperliquid earlier today and opened a 25x leveraged long position on Ethereum. 

The whale got liquidated almost instantly, according to the blockchain explorer. The whale had opened another 25x leveraged position yesterday, which also got liquidated. Onchain Lens reported that Machi is now down $19.7 million and made a comment that the whale could be trading “solely to get liquidated.”

Presenting the Top 3 Most-Liquidated Degens on Hyperliquid since Nov 1:

🥇 Machi Big Brother(@machibigbrother)
— 71 liquidations

🥈 James Wynn(@JamesWynnReal)
— 26 liquidations

🥉 Andrew Tate(@Cobratate)
— 19 liquidations pic.twitter.com/LFNE1ge5hs

— Lookonchain (@lookonchain) November 19, 2025

Lookonchain dubbed Machi as the most liquidated trader on the Hyperliquid exchange. On November 19, the blockchain explorer ranked Machi Big Brother as the top-most liquidated degen with a total of 71 liquidations. James Wynn, a well-known cryptocurrency trader with nearly half a million X followers, came in second on the list with 26 liquidations. Social media personality Andrew Tate claimed the third spot with 19 liquidations.

Data from Onchain Lens shows that James Wynn was completely liquidated on September 5 after going long on ETH with a 25x leveraged position, resulting in a $10,025 loss. Andrew Tate was also liquidated on November 18 after holding BTC. He lost $112k in the trade. 

Bitcoin whale Owen Gunden exits $1.3 billion BTC holdings

Bitcoin’s early adopter, Owen Gunden, who is ranked as the 8th largest crypto holder according to blockchain analytics, liquidated his entire Bitcoin portfolio valued at roughly $1.3 billion. The recent sale coincided with active institutional investment in spot Bitcoin ETFs, underscoring the growing shift from individual holders to institutional participation in digital asset holdings.

Gunden, an early Bitcoin trader who has been active since the Mt. Gox era, has been transferring portions of his holdings to the Kraken exchange. Based on on-chain data, approximately 2,499 BTC, valued at $228 million, was transferred from Gunden’s wallet address to the Kraken exchange, marking his last transfer.

Gunden’s market exit mimics a broader trend across the cryptocurrency landscape, where long-term holders are gradually reducing self-custody exposure amid growing interest from institutional investors and the emergence of regulated products. 

According to a Cryptopolitan report, long-term holders, investors who hold BTC for more than 155 days, began selling in October. The report cited Julio Moreno’s remarks, head of research at CryptoQuant, who noted that it is a common phenomenon during bull markets for LTHs to make profits when token prices reach new highs. 

Moreno revealed that the absence of strong demand to offset the current selling pressure puzzles him. He noted that since October, long-term holders have been selling, but demand is shrinking, which marks a point of caution. On-chain data shows that Gunden’s wallet had been accumulating BTC consistently over the past decade, making his exit today a significant event on-chain that may trigger volatility across the market.

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