ETH is being targeted, strange ETH, someone is sniping?

Vitalik 2026-2-8 08:31 47940人围观 ETH

The "tenth largest liquidation event in history" occurred last Saturday. Have you found any unusual "clues"? If it was just a normal market correction, the data would not be what it is now. But this time the liquidation structure, drop distribution and dr

The "tenth largest liquidation incident in history" occurred last Saturday. Did you find any unusual "clues"?

If it was just a normal market correction, the data would not be what it is now.

But this time the liquidation structure, drop distribution and drop time points are all pointing in the same direction:
——Someone is focusing on "sniping" Ethereum.

Let's look at it one by one.

1. Liquidation data is extremely abnormal: ETH liquidation is 50% higher than BTC

In this liquidation:

Ethereum liquidation: $1.15 billion
Bitcoin liquidation: $780 million

In other words, the liquidation scale of ETH is nearly 50% higher than that of BTC.

This has almost never happened in history.

Why is this an "abnormal signal"?

Bitcoin’s current market cap is approximately $1.5 trillion
Ethereum’s market capitalization is only $260 billion
The size difference between the two is 5-6 times

Even from the perspective of trading activity:

ETH’s trading volume has long been only 50%–80% of BTC’s
There is almost never a situation where ETH liquidation amount > BTC

👉 Under normal logic, ETH cannot bear greater liquidation pressure.

But this time, it happened.

The picture above shows a comparison of the transaction volumes of Ethereum and Bitcoin. You can see that the transaction volume of Ethereum has been significantly lower than that of Bitcoin in recent months!

2. Abnormal decline structure: ETH fell harder than “altcoins””

Let’s look at the decline. Within the same time window:

ETH dropped >10% in 24H
DOGE fell about 4.5%
SOL fell about 4%
Other mainstream copycats in the top 100 by market capitalization, generally 5%–6%

This is even stranger. According to past experience:

When falling: small coins > altcoins > ETH > BTC

But this time it became:

ETH fell deeper than most altcoins

👉 This is no longer the result of "market panic", but the trace of a targeted attack.

3. The timing is extremely tricky: Why was it chosen on Saturday?

What’s even weirder is the timing of the drop.

In this past round of market conditions, the crypto market has closely followed the U.S. stock market.
And as we all know:

U.S. stocks are closed on Saturdays and Sundays
During these two time periods, the currency circle usually has the worst liquidity and the least volatility.

The result this time:

But on Saturday, when liquidity is the weakest, I chose to "open and dry"”

what does that mean?

👉 As long as it is not an emotional panic, it can only be:
Someone deliberately chose a time when it was "easiest to break through the defense line."

4. Three doubts, pointing to the same conclusion

Let’s look at the above three points together:

The scale of ETH liquidation has increased abnormally
ETH’s decline was significantly greater than that of similar assets
Choose to take action during the "liquidity vacuum period" on Saturday

👉 The only reasonable explanation is:
Some people are systematically shorting Ethereum, and their intensity is far greater than that of other currencies.

5. Why has “Ethereum” become the best prey?

There is only one reason:

ETH’s “treasury companies” and whale positions are too transparent.

It is public on the chain:

Who bought it when?
How much did you buy
Which wallet exists
Whether to pledge and whether to add leverage

Clear as day.

This gives the Hunter the perfect combat map.

6. Several big fish that may be “targeted”

1️⃣ "Insider Brother" - a typical example of high leverage bulls

The "insider brother" who opened the market on 10.11, many people speculate that he is Trump's youngest son (whether true or false).

But the result is:

ETH long orders are hard to carry for many days
Final retracement 94.7%
Actual loss $154 million

Although it has not been directly liquidated, it is close to "psychological zero".

👉 This type of character is more like an object to be "displayed" rather than the ultimate goal.

2️⃣ Yi Lihua/Trend Research——ETH whale with leverage

According to public information:

Open a position of approximately 650,000 ETH
Cost approximately $3180
Total scale exceeds US$2 billion
Lending $880 million from AAVE
Leverage about 1.5 times

The original liquidation price was around 2250.
Subsequently, by selling part of the ETH, the liquidation line was lowered to around 1,800.

👉 He survived for the time being, but this is the "forced lightening" state that short sellers want to see most.

3️⃣ BitMine + Tom Lee - the largest ETH treasury company in this round

This is the most critical one.

Holds about 4.2 million ETH
Approximately 2 million coins have been pledged
Average cost estimate ~$3800
No on-chain leverage is used

But here's the thing: it's a public company. After enquiry, there were two previous financing events to raise funds to buy ETH:

1. June 2025: Private financing of US$250 million

2. September 2025: Registered direct issuance of US$365 million

For the third time, it announced the launch of an ATM additional issuance plan, which can refinance billions of dollars in the future to purchase ETH.

The current situation is:

Company market capitalization ≈ USD 11 billion
The market value of holding ETH ≈ USD 9.2 billion
The asset-to-market ratio has approached 1:1

👉 If ETH continues to fall:

The financial report will be extremely ugly
Share price under pressure
Reduced ability to refinance
In the end, it is not ruled out that he will be forced to sell coins.

7. Just a quick mention: MicroStrategy vs BitMine

MicroStrategy holds BTC worth ≈ 53 billion US dollars, 710,000 pieces, cost price 76,000
Company market capitalization ≈ USD 43 billion

Everyone can experience this data for themselves!

8. What’s next?

Today is Monday:

U.S. stock futures fell to -1.5% at 2 p.m.
Then quickly reverse V

My judgment is:

This wave of "directional sniping" against ETH is most likely coming to an end.

The reason is simple:

During U.S. stock trading hours
It’s hard to stand up to mainstream American institutions
Costs and risks will rise sharply

The last sentence (say important things three times)

Financial markets are always:

Big fish eat small fish, and small fish eat shrimps.

Don't use leverage.
Don't use leverage.
Don't use leverage.

Living is always more important than "getting it right once".

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Previous articles
Behind the 2.58 billion liquidation, why is the currency circle so fragile? How cheap is Bitcoin? Mining cost, micro-strategy, AHR999 gave the same answer. Is gold crazy? Soaring by 2.5 trillion, where will global funds stop next? You want it a hundred times, I just want to live until the next cycle
Today’s market market analysis of the community: https://kebaq.xetlk.com/s/1wLuqG

Xiaoetong community: https://applkmx4o5d3183.h5.xet.citv.cn