[News Brief] Apr 22, morning | $635M Liquidated in Crypto Futures Market in 1 Hour... Longs Account for 94%

$635M Liquidated in Crypto Futures Market in 1 Hour... Longs Account for 94%

According to CoinGlass, about $635 million in forced liquidations occurred in the cryptocurrency futures market over the past hour. Of that total, long-position liquidations amounted to about $597 million, accounting for roughly 94%.

By exchange, liquidation volume was about $279 million on Binance, $185 million on Hyperliquid, and $80.6 million on Bybit. By asset, about $329 million in Bitcoin and $140 million in Ethereum were liquidated, while Ripple, Solana, and HYPE also saw liquidations worth several million dollars.

Over the past 24 hours, total liquidations reached about $1.457 billion, with roughly 215,700 traders forcibly closed out of their positions. During sharp sell-offs, cascading liquidations of leveraged long positions can amplify price volatility.

Large ETH Loan Positions Approach Liquidation Levels

According to Odaily, on-chain analyst Weijin said that after the crypto market decline, several large ETH-backed loan positions have moved close to their liquidation thresholds.

The first liquidation level is at $1,472, covering 72,700 ETH worth about $114 million. The second liquidation level is at $1,355, affecting 167,600 ETH worth about $263 million held by a large investor who bought ETH earlier this month.

The third liquidation level is at $1,160, including Hyperliquid’s largest long position of 120,000 ETH worth about $188 million. If the market decline continues, further liquidations could intensify volatility.

2,537 BTC Moved From Anonymous Wallet to Coinbase Institutional

According to Whale Alert, 2,537 BTC was transferred from an anonymous wallet to Coinbase Institutional.

The transfer was worth about $149.85 million. Large Bitcoin inflows to exchanges are closely watched as a major on-chain indicator because they may signal potential selling pressure.

Bitcoin Falls Below $60,000 Again... Garrett Jin’s 5x Long Shows $21.12M Unrealized Loss

As Bitcoin fell back below $60,000, losses on large leveraged positions widened.

Odaily, citing monitoring by on-chain analyst Ai Yi, reported that Garrett Jin, known as the proxy for the '1011 insider whale,' is sitting on an unrealized loss of $21.12 million on a 5x leveraged Bitcoin long position.

The position size is 1,268.33 BTC, with an entry price of $76,117 and a mark price of $59,466. The decline from the entry price was calculated at 21.8%.

Large Investor’s BTC and XRP Long Positions Fully Liquidated

Odaily, citing Lookonchain monitoring, reported that a large investor’s BTC and XRP long positions were fully liquidated amid the market downturn.

The liquidated positions included a 809.9 BTC long worth $47.68 million and a 27.92 million XRP long worth $28.45 million. The investor’s total loss was estimated at $8.42 million.

BIT-Related Whale Address Shows $92.5M Unrealized Loss on ETH and BTC Longs

Odaily, citing Lookonchain monitoring, reported that a BIT-related whale address has seen unrealized losses on ETH and BTC long positions exceed $92.5 million.

The address holds long positions in 120,000 ETH and 500 BTC, and recent short-term market weakness has increased the scale of losses.

Suspected Phishing Attack Targets Polymarket Users... Estimated Losses Reach $2.94M

According to Odaily, on-chain security analyst Specter said a suspected phishing attack targeting Polymarket users has caused cumulative losses estimated at about $2.94 million.

Specter explained that the attacker moved funds from more than 11 victim wallets holding PUSD and then converted the stolen assets into ETH. The case is still being tracked, and users were urged to stay alert to phishing risks.

Iran Proposes Charging Transit Fees in the Strait of Hormuz

Iran has proposed charging transit fees for passage through the Strait of Hormuz in coordination with neighboring Gulf states, and expects annual revenue of $40 billion, Odaily reported citing The Wall Street Journal.

The Strait of Hormuz is a key route for Middle Eastern oil shipments, and discussions about transit fees could affect energy costs and geopolitical risk.

Strategy Preferred Stock STRC Trades at 25% Discount to Par Value

According to Odaily, Arkham said Strategy’s preferred stock STRC is trading at about $76.2, roughly 25% below its $100 par value.

STRC is a perpetual preferred stock offering an annual dividend yield of around 11.5%, with about 104.89 million shares outstanding. This implies annual dividend costs of about $1.2 billion, while Strategy’s dollar reserves stood at about $1.4 billion as of Monday this week.

Arkham explained that STRC does not have the same forced-liquidation structure as Terra Luna. There is no structural forced-liquidation risk for Strategy or Michael Saylor, and the price decline appears to reflect the market’s assessment of future dividend sustainability rather than an immediate solvency crisis.

However, Arkham added that if the high dividend ultimately depends on raising additional capital from the market over the long term, it could weigh on the attractiveness of new capital inflows into MicroStrategy common stock MSTR.

Ondo Launches 24/7 Instant Mint and Redemption Service for Tokenized U.S. Stocks and ETFs

According to Odaily, Ondo has officially launched a 24/7 instant mint and redemption service for tokenized U.S. stocks and ETFs.

With this upgrade, eligible users can now mint or redeem supported assets at current market prices at any time, including weekends and U.S. public holidays. Previously, the service operated on a 5-day, 24-hour schedule.

The initial supported assets are six products: SPYon, QQQon, CRCLon, NVDAon, TSLAon, and GOOGLon. The service is currently available on Ethereum and BNB Chain, with Solana support to be added later.