LIT’s continued rise has pushed a large short position close to liquidation, according to TradingBeats. A whale address beginning with 0x9996 has already closed roughly $3.6652 million of its short in batches, realizing a trading loss of about $622,600, but its remaining position is still under heavy pressure. The trader also launched a five-hour TWAP buy order to repurchase 969,900 LIT. Before that order began, the whale was short 1.8422 million LIT. As of publication, 703,600 LIT had been bought back, or about 72.55% of the planned amount. The remaining short stands at 1.1386 million LIT, worth about $6.0431 million, held with 4x isolated leverage. The position’s average entry price is $4.324, with an unrealized loss of about $1.119 million. At the same time, LIT was trading at $5.30, leaving the position only about $0.1373, or 2.59%, away from its $5.4450 liquidation price. TradingBeats said the TWAP order was still running, with 266,300 LIT left to buy back and the program originally set to end at around 17:16 today. Any later position reduction or margin adjustment could shift the liquidation level.
LIT’s climb has continued to tighten pressure on short sellers, and one whale position is now close to liquidation, according to TradingBeats on Sept. 9.
A whale address beginning with 0x9996 has already closed about $3.6652 million of its short position in batches, realizing a trading loss of roughly $622,600. Even after that reduction, the remaining position is still near the liquidation line.
Five-hour TWAP order is still running
The whale has launched a five-hour time-weighted average price, or TWAP, buy order to repurchase 969,900 LIT. Before the program started, the address was short 1.8422 million LIT. By the time of publication, it had bought back 703,600 LIT, completing about 72.55% of the plan. That leaves 266,300 LIT still to be covered, with the order originally scheduled to finish at around 17:16 today.
Remaining short is worth about $6.04 million
As of publication, the whale still held a short position of 1.1386 million LIT using 4x isolated leverage. The position was valued at about $6.0431 million, with an average entry price of $4.324 and an unrealized loss of around $1.119 million.
LIT was trading at $5.30 at the same time, only about $0.1373 below the whale’s liquidation price of $5.4450. That gap works out to roughly 2.59%. TradingBeats said the TWAP order remained active, and noted that any later position cuts or margin changes could alter the liquidation price.
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