Crypto Trader Liquidated for Massive $5.7 Million Loss

A prominent crypto trader experienced significant liquidation in the past hour, according to data from Hyperbot. Their long position in perpetual contracts saw a dramatic drop, reducing their holdings from 4,500 ETH to 1,863 ETH, resulting in an estimated loss of $5.73 million. The trader utilized leverage of 25x, entering the trade at $3,106.23 and being liquidated at $3,061. The current market price stands at $3,075, highlighting the substantial losses incurred this week amounting to $4.79 million.