On June 5, on-chain analytics platform Lookonchain reported that a whale address associated with cryptocurrency financial services firm Matrixport is holding a 120,000 ETH long position, valued at approximately $194 million at current market prices. The position is currently showing an unrealized loss of around $78 million due to a decline in Ethereum's price.
To prevent liquidation, the whale has added 5.84 million USDC in margin to the position. This additional margin has lowered the liquidation prices to $1,414.51, $1,366.11, $1,360.73, and $1,309.53, respectively. A liquidation price is the threshold at which a position is automatically closed by the exchange to prevent further losses from borrowed funds. Even with the added margin, the position remains vulnerable if ETH continues to drop below these levels.
Matrixport, co-founded by Jihan Wu, is a major player in the crypto financial space. The on-chain movements of addresses linked to the firm are closely watched by analysts seeking insights into institutional trading strategies.