Blockchain analytics platform Lookonchain has detected that a whale address (0xA875...25a8), flagged as likely connected to crypto financial service provider Matrixport, currently holds a long position of 120,000 Ethereum (ETH) worth approximately $224.5 million. Based on this, the average entry price is around $1,870.8. With ETH's recent price weakness, the position has incurred an unrealized loss exceeding $46 million, and the address has already paid $1.78 million in funding fees to maintain the trade.
The whale has set up a multi-tier liquidation defense for this long position, with liquidation prices at $1,573.93, $1,515.91, $1,416.52, and $1,358.83, forming a descending staircase. When ETH's price falls below each of these levels, the corresponding portion of the position will be forcibly liquidated. If all four levels are breached, the entire 120,000 ETH position would be wiped out. This layered approach spreads the liquidation risk but means each support level failure will release selling pressure into the market. Additionally, the substantial funding fee paid indicates the significant cost of carrying such a leveraged bet over time.
Address 0xA875...25a8 had previously been tagged by on-chain analysis tools as highly associated with Matrixport, though the connection has not been officially confirmed. The large unrealized loss on this position has drawn attention from market participants, as the forced selling from a whale liquidation of this size would impact ETH markets.