A Bitcoin bull was liquidated at $109,892, incurring a loss of $12.49 million, possibly due to a seven-year dormant ancient whale selling BTC to switch to ETH

According to Jinse Finance, on-chain analyst Ai Yi (@ai_9684xtpa) has monitored that a certain Bitcoin bull was liquidated at $109,892, incurring a loss of $12.49 million. Yesterday’s sharp BTC wick downward caused significant losses for long positions, with total liquidations across the network reaching $628 million in the past 24 hours and over 130,000 traders being liquidated. As for the reason, many analysts speculate that it may be due to an ancient BTC whale, dormant for seven years, who recently made a high-profile switch to ETH and sold off their BTC holdings. Currently, this whale still holds 67,118 BTC ($7.62 billion) on-chain.