Major WBTC Liquidation: How a Whale Converts 725.8 WBTC to Stablecoin in Record Time

A large wallet address just triggered a dramatic deleveraging event, converting 175 WBTC into 16.18 million USDC within just 5 hours on November 20. This move appears to be the latest chapter in a weeks-long risk reduction campaign, revealing just how precarious leveraged positions can become in volatile markets.

The Trigger Point: When BTC Neared $100K

Back on November 5, when BTC briefly dipped to $100,000, this whale felt the heat. Having gone long on 1,320 WBTC through leveraged loans, the address found itself dangerously close to liquidation. Rather than wait for forced liquidation, the whale decided to take matters into its own hands, systematically converting WBTC to USDC over the following two weeks.

Two Weeks of Steady Conversion: The Numbers

The latest 5-hour sprint was just the final push of a larger strategy. Over the past 15 days, this address has executed a massive WBTC conversion operation, selling 725.8 WBTC for exactly 71.81 million USDC. Breaking this down, the average exit price came to $98,939 per BTC—a strategic move made during a particularly volatile period.

Current Position: Still Holding Significant Exposure

Despite unloading over half its holdings, the address hasn’t fully exited. It still maintains 618.2 WBTC in its wallet, currently valued at approximately $57 million based on recent BTC price levels around $92.64K. This suggests the whale isn’t panic-selling but rather executing a calculated deleverage strategy.

What This Reveals

The sequence of events—from the November 5 scare to today’s rapid conversion—shows how leverage can force even major market participants to act defensively. By converting WBTC to stablecoin reserves, this whale has effectively reduced its liquidation risk while maintaining a meaningful position in Bitcoin. It’s a textbook example of risk management under pressure.