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Major Account Experiences Consecutive Liquidations Amid Crypto Market Crash
Key Takeaways
- A trader known as “Buddy” has faced consecutive liquidations, accumulating a total of 200 since October 11, contributing to over $22.88 million in losses.
- Recent data revealed that within just four hours, cryptocurrency network liquidations amounted to $330 million, with $307 million involving long positions.
- On December 16, “Buddy” had ten additional long positions liquidated, continuing a troubling trend in the volatile market.
- Such events underline the substantial risks involved in leveraging, especially during volatile market conditions like the recent downturn.
WEEX Crypto News, 16 December 2025
In recent developments, the cryptocurrency market has continued to display significant volatility, leading to substantial liquidations across the network. Traders and enthusiasts have witnessed periods of intense activity, with marked implications for those engaging in leveraged trading. Recent reports have highlighted the plight of a trader affectionately known as “Buddy,” whose experience serves as a stark reminder of the potential risks associated with high-leverage positions.
A Series of Liquidations
Market data from December 16 provides a glimpse into the ongoing challenges faced by traders. According to Lookonchain, “Buddy” experienced the liquidation of ten long positions on that day alone. This brings his total liquidations to a staggering 200 incidents since the market downturn which commenced on October 11. These liquidations culminated in cumulative losses exceeding $22.88 million, spotlighting the financial dangers of maintaining leveraged positions under inconsistent market conditions.
Market Dynamics and Liquidation Surge
The overall crypto landscape faced heightened turbulence as market data showed that cryptocurrency network liquidations reached $330 million over a span of just four hours, predominantly consisting of $307 million in long positions. Such figures underscore the amplified risks traders encounter during periods of market instability, particularly for those betting on upward movements in asset prices. Fluctuations in market sentiment and any resulting downturns can quickly escalate, triggering liquidations and potentially generating substantial financial setbacks for participants.
The Dangers of Leverage
The precarious situation experienced by “Buddy” primarily results from leveraging—an approach that, while potentially profitable, markedly amplifies the exposure to losses when market trajectories deviate from expectations. Leveraged positions, by their nature, multiply both potential gains and losses. This aspect becomes especially precarious during sudden market corrections which can swiftly liquidate positions and erode account balances, as evidenced in this case.
Lessons and Cautions
Buddy’s story exemplifies the potent risks that come with aggressive trading strategies in the inherently unpredictable crypto markets. This case is not isolated in its implications; rather, it signifies a broader cautionary tale for anyone trading beyond their margin capabilities. Traders should recognize the inherent volatility in cryptocurrency markets and evaluate their risk tolerance carefully before engaging in leveraged trading. Awareness and strategic planning are crucial in protecting investments from the severe impacts of sudden market movements.
Implications for the Future
Moving forward, traders must remain vigilant, continuously monitoring market signals and adjusting strategies to mitigate potential risks. The events of recent months serve as a potent warning. The dangers of leverage, while possibly yielding high returns during favorable conditions, come with inherent risks that can have devastating financial outcomes should the markets move in unexpected directions.
As traders anticipate future movements in the cryptocurrency landscape, establishing protective measures, such as stop losses, could help limit exposure to drastic market swings. Furthermore, diversifying investments and not relying solely on leveraged trades are prudent strategies that can help buffer against volatility.
The Importance of Caution
In closing, the crypto market’s latest episodes of volatility and the resultant financial ramifications underscore why caution and preparedness are paramount for traders at all levels. For those like “Buddy,” who have navigated challenging terrains, the lessons learned are invaluable. The emphasis must remain on performing due diligence, comprehending the nuances of leveraged trades, and proactively anticipating market directions to minimize adverse outcomes.
For those looking to embark on or continue their journey within the crypto trading space, platforms like WEEX provide useful resources for both education and execution. To learn more or begin your trading journey with prudent risk management strategies, consider signing up on WEEX [here](https://www.weex.com/register?vipCode=vrmi).
FAQs
What led to the series of liquidations for “Buddy”?
“Buddy” faced a series of liquidations due to a combination of leveraging long positions and market conditions turning unfavorable post-October 11 crash, leading to significant financial losses.
How much was lost due to recent liquidations?
Since October 11, “Buddy” incurred losses exceeding $22.88 million from a total of 200 liquidations, illustrating the severe impact adverse market movements can have on leveraged positions.
What is leverage in cryptocurrency trading?
Leverage involves borrowing capital to increase potential returns on investment, essentially trading with more than what’s available in one’s account, which also exaggerates losses if markets decline.
How much was liquidated during the recent surge?
Recent data indicated $330 million in cryptocurrency network liquidations occurred over four hours, $307 million of which were long positions, highlighting a challenging period for traders betting on price increases.
What precautions should traders take in volatile markets?
Traders should employ strategies like stop-loss orders, diversify their investments, and fully understand leveraged trading risks to better navigate periods of high market volatility.
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• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
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· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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