On June 9, 2026, two seemingly unrelated tokens were almost simultaneously pressed the "liquidation key" on-chain. On one side, H, which was identified by on-chain analyst Yu Jin as a highly controlled "phantom coin": about 7 associated wallets heavily offloaded H within approximately 7 hours, totaling around 249 million H sold, with an estimated cash-out amount of about 31.3 million USD, accompanied by a price drop of over 83% in a short time. On the other side, SAHARA, with leveraged sentiment at its peak: the price collapsed instantly by more than 60%, dropping to about 0.01545 USD. Statistics showed that within one hour after the flash crash, approximately 22.25 million USD worth of long positions were liquidated, with total liquidations around 22.45 million USD, making the scale of long liquidations the largest across the network. So far, public information has not provided evidence of a direct link between these two crashes, but on the same day, the coordinated sell-off of highly controlled capital and the mass liquidation of high-leverage longs sequentially played out. This article will use H and SAHARA as a starting point to trace how this net, woven with "control + leverage", ultimately closed in on retail investors.
Seven Wallets, Seven Hours: The Entire Process of H's Net Closure
Looking at the timeline, these 7 tagged associated wallets seemed to relay the same script within 7 hours: first, one or two addresses opened the gap by selling H into the market. Once the price was breached, the remaining addresses followed suit, continuously increasing their sales. According to public on-chain statistics, within this brief trading window of one trading day, they collectively sold about 249 million H, leaving almost no space for the market to breathe or redistribute chips.
According to estimates from a single source, this round of concentrated selling cashed out approximately 31.3 million USD, which included not only the offloaded H but also around 17,800 ETH and 2,715 BNB and other mainstream assets exchanged in the process. Some reports suggest that this batch of chips mainly came from previously unlocked shares, indicating a substantial volume of unlocked tokens being directly dumped into the secondary market by a few addresses. AiCoin data indicated that H dropped more than 83% during the same time window, prompting on-chain analyst Yu Jin to label it a highly controlled "phantom coin," believing that the coordinated sell-off by these 7 wallets was a textbook "closure," leaving only a clear trail of chips concentrating from unlocked addresses to a few wallets, and then being dumped back into the market.
The Business of High-Controlled "Phantom Coins": How Concentrated Chips Harvest
The so-called high-controlled "phantom coin" essentially has its circulating supply tightly held by a few wallets: with supply concentrated, the price is no longer dictated by "the market," but by a few addresses. As long as the unlocking rhythm, transfer paths, and order sizes are controlled by the same handful of people, the candlestick chart can be treated as a canvas—pull up or smash down at will. In this script, the common process is: first gather chips to a few addresses at the early or unlocking stage, then use market sentiment or topical hype to attract buyers, and finally, these large addresses simultaneously offload, completing the conversion from chips to cash with a "single click."
The crash of H is the on-chain version of how highly concentrated chips can harvest. According to AiCoin data, around 7 associated wallets concentrated their sell-off of about 249 million H within about 7 hours, cashing out around 31.3 million USD, which included around 17,800 ETH and 2,715 BNB, during which the price of H fell by over 83%. Public reports suggest that this round of selling chips mainly originated from unlocked shares, indicating that the unlocked tokens were not truly distributed to the market but first concentrated in a few wallets before being dumped back to the market in one go. Given the already unhealthy circulation structure, a single "closure" can quickly erase a large portion of market value. For retail investors, when you cannot see a clear distribution of holdings or when the unlocking trend is highly opaque, and you are still willing to chase into such highly concentrated tokens, you might very well find yourself positioned at the last bat when you enter the market.
The Vortex of SAHARA's Flash Crash and 22 Million USD in Long Liquidations
On the other side of the same day, SAHARA dealt a more direct blow to the bulls. The price plummeted vertically by over 60% in a very short time, once being hit down to about 0.01545 USD. According to AiCoin data, within the subsequent hour, the scale of long liquidations surrounding SAHARA was about 22.25 million USD, with total liquidations approximately 22.45 million USD, with the bulls forming the absolute majority, instantly rising to the top of the liquidation leaderboard among similar assets. For those betting on high leverage long positions, such a magnitude of instantaneous retracement offers almost no time for reducing positions or posting margin calls; one second is still in a "consensus dense area," and the next second the liquidation system has collectively cleared the field.
What is even more noteworthy is that current public information does not provide a clear single catalyst for this flash crash, and there is still insufficient evidence on-chain to prove a direct causal relationship between SAHARA's plummet and any specific project, wallet, or the previous sharp decline of H. It can only be confirmed that in such a vague causal environment for the crash, concentrated, crowded, and amplified long positions can quickly expose themselves as the "first batch of victims."
Two Slaughters on the Same Day: Emotional Resonance or Coincidence
Bringing the timeline back to June 9, these two crashes almost appeared as misaligned mirror images. On one side, 7 associated wallets continuously offloaded about 249 million H in approximately 7 hours, estimated cashing out around 31.3 million USD, during which H’s price collapsed by over 83%, with the core contradiction being the high concentration of chips and unlocked shares fleeing; on the other, SAHARA experienced a flash crash of over 60% within a short time, dropping to about 0.01545 USD, followed by around 22.25 million USD in long liquidations within the next hour, with total liquidations around 22.45 million USD, dominated by forced liquidations of the bulls throughout the entire story. The former involved a few addresses actively dumping, while the latter saw a considerable amount of leveraged longs being passively liquidated, yet both directions pointed towards substantial losses for retail investors.
From a market perspective, this can certainly be interpreted as "two slaughters on the same day" resonating emotionally: one tells you that high-controlled, high-risk tokens can be extinguished at any moment by a few fingers, while the other shows that high-leverage longs have almost no space for survival amid extreme volatility. Public information indicates that there is currently no evidence proving a direct relationship at the project or financial level between H and SAHARA, nor can it be said that one triggered the other; they are more like two cross-sections of the same structurally weak environment—one end featuring highly concentrated chips and decision-making power, the other end showcasing highly synchronized, crowded positions with leveraged amplifiers. When the market is slightly imbalanced, these two configurations can virtually synchronously magnify losses to levels that ordinary participants find hard to bear.
Before the Next "Net Closure": Three Defensive Lines Retail Investors Must Maintain
The first defensive line left by H and SAHARA is to clearly identify "who holds the chips" before entering the market. On June 9, 2026, around 7 wallets concentrated their sell-off of about 249 million H within about 7 hours, with prices plummeting by over 83%. The extreme concentration where just a few addresses can sway the price is, in itself, a red warning. Before participating in any high-risk token, review the token's holding distribution and ask yourself: if the top few addresses sell simultaneously, how much of a dip can my position endure? The second defensive line is to treat the unlocking rhythm as "a required course" rather than a disclaimer. Public information has noted that the main selling chips of H came from unlocked shares, meaning that the so-called "positive unlocking" can easily turn into the starting point for a price crash when liquidity is limited. Retail investors must at least understand the significant unlocking time points and scales over the next few weeks or months before deciding whether to bear the risk during that time window. The third defensive line is to manage the bottom line of leverage and position. SAHARA's flash crash of over 60% on the same day led to approximately 22.25 million USD in long liquidations within about an hour, with total liquidations around 22.45 million USD, showing that high-leverage longs had almost nowhere to run amid severe volatility. Controlling individual leverage multiples and overall position exposure is far more useful than any "bottom-fishing belief." Currently, there is insufficient material to draw conclusions about the specific wallet affiliations and the identities of the operators behind the scenes. What can genuinely protect retail investors in advance is not to imagine a more sinister narrative, but to use public on-chain and market data tools to observe chip concentration, unlocking arrangements, and personal leverage exposure clearly, and then make choices that align with their risk tolerance in the face of these cold, structural indicators.
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