The tragedy of BTCOG, going from a profit of 60 million dollars to a loss of 10 million dollars in despair!
The cryptocurrency market has just witnessed one of the most emotionally continuous capitulations of the year.
Whale
#BitcoinOG , who once held a massive profit position, ultimately succumbed to market pressure and was forced to cut losses at the bottom of pain.
🔷 The asset chart shows a steep decline without brakes.
- Previously, this account recorded an extremely high PnL, at one point reaching over 60 million dollars in profit.
- Instead of taking profits, this whale chose to add more orders and hold losses with the belief that the market would recover.
However, the continuous price drops of
$ETH and
$BTC showed no strong recovery. It wiped out all gains, pushing the account into a red alert state.
🔶 Unable to bear the funding fees and margin pressure any longer,
#BitcoinOG officially gave up:
Closing BTC position: Liquidated 427.29 BTC worth 37.5 million USD.
Closing ETH position: Dumped 30,588 ETH worth 88.63 million USD.
Accepted a realized loss of up to 9.73 million USD for this closing order.
Immediately after cutting losses, this whale took action to withdraw from the risky derivatives battlefield:
Transferred 20 million USDC from a decentralized platform back to Binance.
This action shows that the whale has lost faith in current leveraged positions and wants to switch to safer cash or spot on Binance.
The story of BitcoinOG is a brutal testament to the difficulty of taking profits and the ease of holding losses.
Failure to adhere to profit-taking discipline turned a major winning position into a financial disaster in just a few short days.