40x Bitcoin Whale Liquidated 24 Times in 24 Hours, $2.66M Balance Crashes 94% After $66M BTC Bet

A former largest on-chain BTC long position was liquidated 24 times within 24 hours after opening a 40x leveraged $66.8 million Bitcoin bet, with the trader’s account plunging from $2.66 million to just $140,000.The cascade highlights the extreme risks of high-leverage trading amid geopolitical volatility.24 Liquidations in One DayAccording to monitoring by HyperInsight, wallet address 0xdf1, previously the largest BTC long holder on-chain, suffered:4 liquidations within one hour24 total liquidations in 24 hoursApproximately $3.9 million liquidated in the latest roundThe account balance dropped from roughly $2.66 million to about $140,000, marking a 94.7% drawdown.The next liquidation level for the remaining BTC holdings is reported at $65,370.1,000 BTC Long at 40x LeverageOn March 1, shortly after reports of the assassination of Iranian Supreme Leader Ayatollah Ali Khamenei, the address aggressively opened a high-leverage BTC long position.At peak exposure:Position size: 1,000 BTCNotional value: approximately $66.83 millionLeverage: 40xInitial liquidation price: around $66,560The trader appeared to be betting on a rapid market rebound amid expectations of geopolitical de-escalation.SOL Profits Funded the High-Risk BetNotably, the capital for the BTC trade did not come from fresh deposits.On February 28, the wallet deposited approximately $470,000 into Hyperliquid to long SOL at high leverage, with an average entry near $78.The following day:SOL surged to $88The position’s value increased more than fivefoldUnrealized profits were used as margin to open the BTC tradeWhile the strategy amplified gains initially, it also dramatically increased downside risk. When BTC reversed, both leveraged exposures became vulnerable to cascading liquidations.Lessons From the Liquidation CascadeThis episode underscores several key dynamics in leveraged crypto markets:High leverage (40x) leaves little margin for volatilityUnrealized profits used as collateral increase systemic exposureGeopolitical events can trigger sharp price reversalsLiquidation cascades can rapidly erase large balancesWith BTC hovering near key support levels, aggressive leveraged positioning continues to face elevated risk.The address’s rapid collapse from largest long holder to near wipeout within 24 hours illustrates how quickly sentiment-driven trades can unwind in highly leveraged markets.