According to monitoring by on-chain analytics platform Onchain Lens, a major whale’s leveraged Bitcoin long position has incurred an unrealized loss topping $17 million as Bitcoin’s price dropped below the $63,000 mark. The position is managed by Garrett Jin, an agent for the address known in the crypto community as the “1011 Insider Whale.”
The whale address, nicknamed “1011 Insider Whale,” is notorious for large-scale trades that often attract attention from on-chain trackers. The current floating loss stems from a 5x leveraged long position established earlier, which has been sharply magnified by the recent downturn in Bitcoin’s price.
Leverage amplifies both gains and losses. With 5x leverage, every 1% move in Bitcoin’s spot price translates to a 5% change in the position’s equity. The breach of the $63,000 level pushed the unrealized loss beyond $17 million, highlighting the significant swing in the position’s value since entry. Onchain Lens continues to track such large on-chain positions for the community.