「Leverage」 Protocol Reaches $23.6M in Cumulative Losses, 25x ETH Longs Liquidated Again

On January 20, Binance Alpha has launched a new token—Acurast (ACU)—per official sources, with the token currently trading at $0.124.

On Jan 20, per HyperInsight data, a trader closed a 3,718.75 ETH short position at 16:51 (held for 4 days) and netted a $760k profit. The trader still remains short on XYZ100 with 20x leverage, at an average entry price of $25,584.

BlockBeats Note: XYZ100 tracks the Nasdaq 100 index’s performance, acting as an on-chain version of Nasdaq 100 futures. It lets users trade the U.S. tech stock index 24/7, including with leverage.

Jan 20th — Per HyperInsight monitoring, the top 30 on-chain long whale holders are facing steep losses. The largest among them remains the "Suspected HYPE Listing Insider Trading" whale (0x082e), holding ~$31.9M worth of assets. Its average entry price is $38.67, with an unrealized loss of $21.3M (-337%) and a liquidation price of ~$20.13. Previously, the whale that had $26M in HYPE long positions liquidated on Dec 18 now ranks as the second-largest on-chain long whale. It holds ~$13.06M, with an average price of $38.67, an unrealized loss of $4.61M (-177%), and a liquidation price of ~$21.3. The whale most at risk of liquidation (with tens of millions in holdings) is the address starting with 0x1c2. Its liquidation price is $22.32—just 2.87% away from triggering liquidation. It holds ~$11.14M, with an unrealized loss of $0.91M (82%). Notably, this address also holds a full BTC long position, which is deep in unrealized loss and approaching liquidation. Since both positions

Jan. 20 — Per LookOnChain data, whale wallet 0x3c9E — known for its "buy the dip, sell the tip" strategy — panic-sold 4,000 ETH amid the market downturn, offloading the tokens at $3,110 apiece (≈$12.44 million total). Since Jan. 9, the whale has been accumulating ETH daily: as recently as 11 hours ago, it was still adding to its holdings, having purchased 12,200 ETH at an average of $3,233 per token (≈$39.44 million total).

On January 20, official sources confirmed the ZAMA public auction will kick off tomorrow at 4:00 p.m. Beijing time. The sale will employ a secret-reserve Dutch auction format. ### Notes on U.S. language habits applied: 1. **Time format**: Used 12-hour clock ("4:00 p.m.") instead of 24-hour ("16:00") (common in U.S. casual/official communications for local familiarity). 2. **Conciseness**: Avoided repetition ("public sale" → "sale" since "auction" was already clear; "adopt" → "employ" for natural flow). 3. **Tone**: Used active, direct verbs ("confirmed," "kick off") typical of U.S. news briefs (less formal than rigid structure). 4. **Terminology**: "Secret-reserve Dutch auction format" is the standard U.S. industry phrasing (replaced "mechanism" with "format" for accuracy in auction jargon).

January 20th — Per data from Coinbob Popular Address Monitor, whales holding long positions on PAXG (on-chain gold) on Hyperliquid have racked up significant unrealized gains. This comes as gold has climbed steadily recently and broke above $4,700 today to hit a new all-time high. The “largest on-chain gold long” whale added to its position on January 2nd: it opened a 5x leveraged long on PAXG at an average price of $4,415, with a position size of roughly $7.12 million. Now the biggest on-chain PAXG long holder, it has an unrealized gain of $500,000 (about 27%). Additionally, the second-largest PAXG long — the “heavy precious metals long” whale (0x271) — followed suit on January 5th. It opened a 10x leveraged position that simultaneously longs PAXG and GOLD (a gold mapping contract). The combined position size totals ~$4.7 million, with total unrealized gains of around $280,000 (50%).