Market Downturn Leads to Significant Liquidations in Crypto

On May 28, a market downturn resulted in significant liquidations, according to BlockBeats On-chain Detection. The address known as 'Machi' Huang Licheng faced liquidation of 3,520 ETH, nearly depleting the account. The primary impact of this downturn was felt in BTC long positions. Two high-leverage addresses suffered substantial losses, surpassing those of 'Machi.' The address 0xaea experienced two liquidations, resulting in the closure of 208 BTC long positions, marking the largest single liquidation on the network. The losses amounted to approximately $270,000. Another address, 0x76d, manually closed positions four times before reaching the liquidation price, resulting in the closure of 497 BTC long positions, with losses around $460,000.