A BIT-linked whale tracked by TradingBeats has nearly erased what was once an $88.5 million unrealized loss as Ether rebounded toward the position’s cost basis. The entity did not sell any of its 120,000 ETH during the drawdown and kept adding margin while waiting for price to recover. As of publication, four addresses tied to the whale still held roughly 120,000 ETH valued at about $271 million, with a blended entry price of $2,261.23. The position was fully back to breakeven earlier in the day before slipping slightly again, leaving an unrealized loss of about $108,000 on a price basis. TradingBeats also noted that the whale’s latest liquidation price had been lowered to around $1,195.95 after margin top-ups. Even so, the account is not fully back in profit if the roughly $4.9 million in cumulative funding fees paid since the position was opened are included. In price terms, though, nearly all of the floating loss has now been wiped out.
A BIT-linked whale tracked by TradingBeats has nearly recovered from what was previously an unrealized loss of about $88.5 million, after Ether climbed back near the position’s cost basis.
Four addresses still hold around 120,000 ETH
As of publication, four addresses associated with the whale were still holding a combined 120,000 ETH. The position was valued at about $271 million, with a blended entry price of $2,261.23.
As ETH rebounded, the position was fully back to breakeven earlier in the morning. After a slight pullback, the total unrealized loss stood at about $108,000.
The whale held through the drawdown and added margin
According to TradingBeats, the entity did not sell a single ETH after building the position. It continued to hold and added margin over time while absorbing a paper loss that had once approached $88.5 million.
The latest liquidation price had been lowered to around $1,195.95.
TradingBeats added that the whale is still not fully back to cost if the roughly $4.9 million in cumulative funding fees paid since the position was opened are included. On a price basis, however, nearly all of the floating loss has been erased.
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