According to @OnchainLens, both Machi and James were partially liquidated during the market drop, with a 25x long on ETH and a 10x long on PEPE respectively, corroborated by CoinMarketMan Hypertracker for wallets 0x020ca66c30bec2c4fe3861a94e4db4a498a35872 and 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6, source: Onchain Lens on X and CoinMarketMan Hypertracker. Liquidation mechanics in crypto derivatives force position reductions when margin falls below maintenance levels, which can add sell pressure and intensify short-term volatility, source: Binance Academy. Traders commonly monitor ETH and PEPE perpetual metrics such as funding rates, open interest, and liquidation levels to gauge squeeze and cascade risk during drawdowns, source: Binance Futures education.

According to @glassnode, Bitcoin (BTC) futures experienced another wave of long liquidations as price moved below $111k, signaling a leverage flush in crypto derivatives markets. According to @glassnode, this broad deleveraging resets market positioning and eases the risk of further liquidation cascades, indicating reduced near-term systemic downside pressure.