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Last Friday, the Bitcoin market experienced a major event. A whale encountered a fierce liquidation in leveraged trading, with a single loss of $1.1 million, becoming the largest liquidation order on the entire network. Such a level of stop-loss usually triggers market fluctuations.
Interestingly, this whale did not choose to wait and see but quickly adjusted its strategy. Shortly after the liquidation, it immediately opened a $38.7 million BTC long position, re-entering the Bitcoin market. This move made it the third-largest long position holder on a major derivatives trading platform.
The rapid shift from being liquidated to going long again demonstrates the quick decision-making of institutional-level traders regarding Bitcoin's future. Behind this swift adjustment, market interpretations vary—some see it as a strong bullish outlook on BTC, while others view it as a simple risk management reallocation. In any case, a stop-loss of nearly $110,000 is quite costly and serves as a reminder to all leveraged traders: risk management is always the first lesson.