According to on-chain analyst EmberCN, the whale address sat0shi777 (0x50b...9f20) has recently executed two massive leveraged trades, both of which have moved against the positions, resulting in simultaneous unrealized losses.
Trade Details: BTC Long & ETH Short
On June 24, the whale opened a long position of 468 BTC at $62,729, valued at approximately $29,380,000. Shortly after, BTC dropped to below $60,000, putting the long position underwater. On the morning of June 25, the whale shorted 47,500 ETH at $1,536, worth about $72,940,000. However, ETH did not continue to decline after the short was opened; instead, it held steady or even rebounded slightly, causing the short position to also incur floating losses.
Current Floating Losses and Market Implications
As of the latest data, the whale’s total portfolio stands at approximately $102 million, with an unrealized loss of about $1.86 million on the BTC long and $1.23 million on the ETH short, totaling $3.09 million. The two trades are opposite in direction (long BTC, short ETH) and both are currently losing money, illustrating the complexity of short-term market movements. Notably, after BTC’s decline, the whale chose to short ETH rather than doubling down on long BTC, possibly anticipating relative weakness in ETH. Yet ETH has shown some resilience. Such large leveraged positions with dual-direction floating losses could impact market sentiment to some extent, but they are unlikely to trigger systemic risks.