Over $290 million in crypto positions were wiped out in the last 24 hours, as a sharp market drop triggered a wave of liquidations. Bitcoin (BTC) and Ethereum (ETH) both saw big losses, pushing many traders—especially those using high leverage—into deep red territory.

Bitcoin briefly dropped to $113,000, while Ethereum slipped below $4,200. This sudden dip caused over-leveraged positions in BTC and ETH to crash on major derivatives platforms. Many traders, including some big-name whales, saw millions vanish as the market turned against them.

One notable example is Machi Big Brother, a well-known figure in the crypto and NFT world. He opened a massive $100 million ETH trade with 25x leverage at a price of $4,585.5 using the trading platform HyperLiquid. To keep that position open, he put up more than $4 million in margin. But with Ethereum now far below his entry price, he’s already down over 230%, and his liquidation price is hovering around $3,000.

Machi also placed a 40x leveraged bet on Bitcoin, which has now lost around 95% of its value, costing him over $544,000. On top of that, he has smaller bets on altcoins like HYPE and PUMP—both of which are also deep in the red. His positions in these coins added another $500,000 in unrealized losses.

The HYPE token, which is native to the HyperLiquid platform, is facing serious resistance and might drop further if current trends continue. Crypto analysts like Ali Martinez predict that HYPE could fall below $39 if the bearish momentum continues. Meanwhile, PUMP—a newer meme coin—has fallen 59% from its July peak despite gaining attention on social media.

This recent market shake-up is a harsh reminder of the risks involved with using high leverage in crypto trading. Even seasoned investors can face massive losses when the market moves quickly against them.

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