A whale that took a long position on WBTC was liquidated, resulting in a total liquidation amount of $31.47 million. Liquidations occur when a trader’s position is forcibly closed due to insufficient margin to cover potential losses. In this case, the whale’s leveraged position on WBTC, a Bitcoin-backed token, was unwound as market conditions shifted. Such liquidations highlight the risks associated with high-leverage trading, especially in volatile cryptocurrency markets.
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