According to on-chain analysis, a whale that was already active during the October 10, 2025 crash had accumulated nearly $700 million in long positions before abruptly closing them today.

In just 10 minutes, around $65 million worth of ETH positions were closed, triggering a cascade of automatic liquidations across the entire market.

This represents more than $974 million in leveraged positions liquidated over the past 24 hours, largely due to low liquidity and excessive leverage.