Ethereum News Today: Whale accounts withdraw nearly $100 million in USDC as crypto positions deleveraged amid heightened volatility

In the last 24 hours, significant movements in high-profile cryptocurrency positions have been observed on Hyperliquid, according to monitoring data from HyperInsight. Two large accounts collectively withdrew $99 million in USDC, while multiple whale accounts adjusted their leveraged positions across major digital assets, signaling heightened activity in the market [1].

Whale account 0x162cc reduced its long position in Solana (SOL) by 24,056.29 tokens, with the liquidation price dropping sharply from $85.582 to $17.435 [1]. Meanwhile, accounts 0x20c2d and 0x880ac both cut their Ethereum (ETH) short positions, with reductions of $817,411 and $1,153,741 respectively. These adjustments occurred as their profit and loss (P&L) metrics turned sharply negative—$-18,967,311.82 and $-12,912,367.65—while liquidation prices for ETH rose to $4,899.785 and $4,791.017 [1]. A separate account, 0x5d2f4, reduced its Bitcoin (BTC) short position by $1.617 million, with a P&L of $-7,891,790.51 and a liquidation price of $126,044 [1]. Additionally, whale account 0xc1298 cut its Dogecoin (DOGE) long position by $838,331, incurring a $-1.749 million P&L and a liquidation price of $0.208 [1].

The most substantial withdrawals occurred from accounts 0xB83DE and 0x5b5d, which extracted approximately $36 million and $63 million in USDC respectively within the last 24 hours [1]. These movements suggest a strategic repositioning by high-net-worth participants, potentially reflecting responses to shifting market conditions or risk mitigation efforts.

The rapid deleveraging across multiple assets indicates increased volatility and exposure management in the wake of recent price fluctuations. The reduction of short positions in ETH and BTC, coupled with large USDC withdrawals, may signal a shift in risk appetite or a rebalancing of portfolios ahead of potential macroeconomic events. However, the negative P&L figures for these accounts highlight the challenges of maintaining leveraged positions amid heightened price swings.

The simultaneous withdrawal of nearly $100 million in stablecoin could also point to liquidity needs unrelated to direct trading activity. Such movements may temporarily impact market depth for the assets involved, particularly as large players adjust their holdings. Regulators and market participants are likely to monitor these developments closely for signs of systemic stress or abnormal trading patterns.

Source: [1] [Hyperliquid Whale Watch: In the last 1 hour, multiple whale accounts have deleveraged. Over the past 24 hours, 2 whale accounts have collectively withdrawn $99 million] [https://www.theblockbeats.info/en/flash/304461]