Trade History: Going Long BTC Then Shorting ETH
On-chain analyst Ember reports that whale address sat0shi777 (0x50b...9f20) opened a long position of 468 BTC at $62,729 on June 24, valued at approximately $29.38 million. However, BTC subsequently fell below $60,000, pushing the position into the red.
Rather than cutting losses, the whale doubled down by shorting 47,500 ETH at $1,536 on the morning of June 27, a position worth $72.94 million. But ETH price stabilized and did not continue falling, leaving the short also underwater.
Current Losses: Combined $3.09M Unrealized Loss
As of this writing, the BTC long is showing an unrealized loss of approximately $1.86 million, while the ETH short has lost about $1.23 million. The combined unrealized loss stands at $3.09 million, on a total position value of roughly $102 million.
This large whale's failed directional bets highlight the risks of leveraged trading in volatile markets. The market will watch closely for any margin top-ups or position closures, with on-chain data providers like Ember continuing to monitor the address.