A whale ( a large investor) caused the S&P 500 positions to be liquidated due to the decline in Bitcoin, resulting in the liquidation of over 10 million RMB in the entire S&P 500 portfolio within nearly an hour.

According to Mars Finance, on March 26th, Hyperinsight monitoring showed that in the past hour, the total liquidation amount for S&P 500 (the contract mapped to the S&P 500 index) reached $11.7 million, ranking third only after BTC and ETH. Almost all of this liquidation originated from a single address on Hyperliquid, a whale with the address starting with 0x965. It is understood that the trigger for this liquidation was not a significant drop in the S&P 500 itself, but rather a short-term decline in BTC affecting the account's margin. This caused the address's cross margin leveraged S&P 500 long positions to be liquidated, resulting in the liquidation of 1779.8 long positions, equivalent to approximately $11.63 million, and a loss of approximately $195,000.