On April 5, Glassnode data showed that in the first quarter, the “sharks” holding 100–1,000 BTC and the “giant whales” holding 1,000–10,000 BTC together incurred losses of about $337 million, with total losses of $30.9 billion year to date. Long-term holders are losing about $200 million per day on average, and the market expects Bitcoin’s potential bottom range to be between $40k and $50k.

VanEck research chief Matthew Sigel noted that protective demand in the Bitcoin derivatives market has reached a historical high, suggesting the market may be suitable for establishing long positions. At the same time, he warned that high spending in the AI sector without returns could put pressure on the market.

On April 4, Gate News reported that in the past 24 hours, the total liquidation amount in the cryptocurrency market was $43.1506 million, with long and short liquidations of $21.6725 million and $21.4780 million, respectively. The liquidation amounts for BTC and ETH were $3.6134 million and $3.4269 million. A total of 63,319 people were liquidated, and the largest single liquidation was $485.4k.

Gate News message, April 4, whale trader "set 10 big goals first" posted on the X platform showing its long positions, indicating it has again gone long on Bitcoin, with a limit price of 67023.8 USD. The account has recently drawn attention for the accuracy of its market outlook, but its trade screenshots come from a centralized exchange and cannot be verified for authenticity; users should exercise caution, assess the information carefully, and be mindful of risks.

Gate News message, a whale has deposited $1 million USDC into HyperLiquid after a five-month absence and opened a 20,000 BRENTOIL long position using 20x leverage. The whale has previously generated profits exceeding $12.44 million.

According to Glassnode data, in the first quarter of 2023, the average daily losses for “sharks” holding between 100 and 1,000 BTC and “giant whales” holding between 1,000 and 10,000 BTC were 188.5 million and $147.5 million, respectively, totaling approximately $337 million. Meanwhile, the year-to-date cumulative losses have already reached $30.9 billion, approaching the level of the 2022 bear market. Long-term holders’ average daily losses are still around $200 million, with the market affected by macro risks and weakening confidence.

VanEck Research head Matthew Sigel said that demand for hedging in the Bitcoin derivatives market has reached the 99th percentile in history, suggesting that it may be suitable to establish long positions. At the same time, he warned that high capital expenditures in the artificial intelligence sector could put pressure on the market, especially in the S&P 500.

Gate News update, April 3, Hyperbot data shows that Brother MaJi opened a 40x-leverage BTC long position 4 hours ago (position size: 11 BTC) and a 10x-leverage HYPE long position (position size: 10k HYPE). In addition, he also holds a 25x-leverage ETH long position (position size: 7,171 ETH). Currently, the total position value is $10k, with an unrealized loss of about $196k.

According to Coinglass data, if Bitcoin falls below $65k, long positions on major CEXs will be liquidated to the tune of $65k; if it breaks above $68k, short positions will be liquidated to the tune of $754 million. The liquidation chart reflects the strength of the market reaction when price touches a certain level.

In recent weeks, the Bitcoin derivatives market has been dominated by shorts. The positioning index has continued to fall, and the price has dropped from $73,925 to $66,603. Long positions are facing strong liquidation pressure; the market lacks reversal support, and there is downside risk.