According to ChainCatcher, citing Lookonchain, the same trader who previously lost $3 million on a BTC long position has returned after being away from the market for 10 days. This time, the trader attempted to short BTC, but the trade failed again and added another $360,000 in losses.
After the failed BTC short, the trader changed direction and moved into a long ETH position. The reported position was opened with 5x leverage and covered 31,956 ETH, with a notional value of about $54.98 million. In this context, notional value refers to the full size of the exposure represented by the position, while leverage reflects the multiple applied to the trader’s margin.
The disclosed information shows a sequence of losses on both sides of BTC trading: first a $3 million loss on a long position, then a $360,000 loss after returning and shorting BTC. The trader has now shifted exposure to ETH through a leveraged long position. The report did not include an entry price for the ETH position, margin size, or current profit and loss status.