Key takeaways
- Bitcoin fell below $77,000, triggering $657 million in liquidations, of which $584 million came from long positions in 24 hours.
- Whale trader Machi Big Brother was liquidated during the crash and immediately opened a new 25x ETH long position on 1,825 ETH worth $3.87 million.
- The four-day decline follows the Senate Banking Committee’s advancement of the CLARITY Act on May 15, as traders sold amid the regulatory news rally.
BTC Flash Crash wipes out $584 million in long positions
BitcoinThe latest drop in pushed the asset below $77,000 for the fourth straight day after a brief rally around the Senate Banking Committee’s advancement of the CLARITY Act last Thursday. According to the data, total liquidations reached $657 million in a 24-hour period, with $584 million coming from long positions, a clear signal that bullish leverage There were a lot of people at the entrance to the withdrawal.
The selloff pushed the Fear and Greed Index to an alarming level of 29, landing squarely in the fear zone after holding at a neutral level of 50 a few days prior. Among altcoinsQuant (QNT) fell about 7% and was trading near $75, closing in on its 50-day exponential moving average (EMA) at $72.86. Bitcoin Species ( BCH) fell below $400, trading below its 50-day and 200-day EMAs.
Bitcoin itself continued to oscillate between $76,000 and $76,500 at press time, with key technical support at the 50-day EMA of $76,716 and the 200-day EMA of $83,513 acting as overhead resistance. The previous major test of support stood at $70,740 on April 12, 2026, a level that bulls will watch closely if the decline continues.
Whale Trader Machi is liquidated and opens a new 25x ETH Bet
Amid the market-wide water chase, high series leverage Trader Machi Big Brother, alias of entrepreneur Jeffrey Huang, has been liquidated again. As the fall unfolded, on-chain data indicated that the sudden crash had erased Machi’s active position. Instead of waiting, he immediately opened a new 25x leveraged long position at 1,825 ETHworth approximately $3.87 million, with a liquidation price set at $2,086.69.
Bitcoin.com News previously reported that Machi opened a wallet of 86 million dollars BTC And ETH long position after losing $73 million over six months, a Martingale-style approach of increasing positions following losses in an attempt to recoup previous draws. Huang has now accumulated over 335 liquidations, 262 of which took place in January 2026 alone during this month. volatility point. Its current liquidation price of $2,086.69 on ETH provides a larger buffer than many past positions, but another sustained decline in the broader market could close it out quickly.
Spot Bitcoin exchange-traded funds (ETFs) compound current pressure with data showing BTC spot ETFs recorded a net outflow of $1.039 billion for the week of May 11 to 15, representing six consecutive weeks of net inflows. Spot Ethereum ETFs saw a separate net outflow of $255 million over the same period, with the combined institutional outflow reflecting a potential reassessment of near-term positioning by major market participants.
