The crypto market has suffered heavy losses in the past seven days, erasing gains from the last rally in December. With billions liquidated in days, sentiments have fallen to new lows at the start of the year. Bitcoin's decline below $95K led to a similar decline in Ethereum (ETH) and other altcoins as bear traders dominated the market.
The loss of an unlucky trader hits $ 18 million
A crypto trader has been liquidated three times in the last 35 days as high volatility continues in the market. The crypto company Lookonchain wrote on X (formerly Twitter) that the trader's losses had exceeded $18 million from three different liquidations. On January 9, he managed to free up 1,495 ETH, about $4.97 million.
This loss raised concerns in the wider community as a cross section of users live in the same boat. Ethereum losses have increased due to negative trading characterized by very low inflows. The trend continued after the major altcoin fell below $3,500. At press time, the price of ETH is at $3,255, falling further by 2% in the last 24 hours and 6% this week.
As a result, most users have recorded losses from their holdings, some getting rid of them completely. Decentralized finance (DeFi) volumes were trading in similar lines with low market activity and sentiment falling across several indicators.
Last month, the trader was expelled twice. The first was on December 6, when 95.46 WBTC were lost, worth about $9.25 million. On December 10, another 44.86 WBTC, worth $4.37 million, was released.
 
“A trader was freed for 1,495 $ETH ($4.97M) again 9 hours ago – the third time in the last 35 days. On December 10, 2024, 44.86 $WBTC ($4.37M) was released. On December 6, 2024, 95.46 $WBTC ($9.25M) was released. This trader currently holds 541.68 $WBTC ($51.1M) on #Aave and will be liquidated again if the price of $BTC falls to ~$90,810,” Lookonchain wrote.
Crypto losses wipe out big gains
At the beginning of the year, asset prices went up on institutional investors. These traders accumulated assets ahead of Donald Trump's second term with an expected rise in Bitcoin and altcoin prices. Most companies put BTC price projections at the height of bulls at $150K to $200K, while altcoins were tossed for big gains as cash flowed in.
However, the recorded gains were diluted by heavy loadings from institutional and retail players. Crypto market cap fell below $3.35 trillion, a 6% drop today. Bitcoin is down 2% today, while altcoins posted bigger exits.
Source: https://zycrypto.com/eth-whale-gets-liquidated-three-times-total-losses-surpass-18-million/
