Summary: During the market downturn, whales were intensively buying the dip, with ShapeShift's mysterious whale holding $270 million in ETH spot.

BlockBeats News, May 18th. This morning, the crypto market experienced a flash crash, with Bitcoin breaking below the key support at $78,000 and accelerating its decline. A cascade of liquidations swept the entire network, resulting in a total of $579 million being liquidated in nearly 4 hours, mainly affecting long positions. It is worth noting that during the market panic, some crypto whales chose to counter-trend by increasing their long positions. BlockBeats has compiled the following:

The ShapeShift mysterious whale took the lead and bought the dip after the drop, investing $5.88 million to acquire 2,656 ETH spot. This whale now holds 129,667 ETH, worth $274.78 million. It is worth mentioning that this whale was previously believed to be associated with ShapeShift's founder Erik Voorhees, but the latter has since come out to deny this.

The whale associated with BIT aggressively increased its holdings in the futures market. Through 4 addresses, the whale started building ETH long positions on the 16th. As of the time of writing, it currently holds a scale of 120,000 ETH (worth $254 million), with an estimated unrealized loss of over $17.5 million.

In addition to BTC and ETH, trader Evaded bottom-fished ZEC and HYPE in the bear market. After this round of decline, the trader went long 10x on 36,875 ZEC and 87,000 HYPE on Hyperliquid, with a total position value of $24 million. This whale has also become the largest ZEC bull on Hyperliquid.