Event Summary
According to on-chain analytics platform Lookonchain, a whale account that opened a 20x leveraged short position on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) four days ago has closed the position, realizing a profit of approximately $4.4 million. The aggressive use of 20x leverage indicates a strong conviction in near-term bearish market conditions.
Latest Moves
Rather than exiting the market after taking profits, the whale immediately reopened a new short position with the same 20x leverage. The current holdings include 912.9 BTC (worth ~$54.55 million) and 10,025 ETH (worth ~$15.65 million). The total notional value of the short position exceeds $70 million, reinforcing the whale's continued bet on further price declines across major cryptocurrencies.
Market Implications
Such large-scale leveraged operations often draw market attention, especially amidst elevated volatility. The whale's persistent shorting could amplify short-term selling pressure, but also carries significant liquidation risk if prices move against the position. Traders and analysts will be monitoring this address closely for any adjustments or potential risk events.