📰 【On-chain ETH maximum long profit-taking of 2 million floating profit, previous entry average price of $2287】

BlockBeats news, April 28th, according to Hyperinsight monitoring, on-chain ETH's largest long position "BIT-related whale" has once again fallen back underwater, currently with an unrealized loss of about $110,000 (-5%). This address holds a 20x leveraged ETH long position of 20,000 tokens, worth approximately $45.6 million, with an entry average price of $2287. The position was opened on April 20th, during which the peak unrealized profit once reached $2 million. As the market declined, the unrealized profit has been fully wiped out. It is reported that this address belongs to the digital financial services group BIT, which has received multiple fund transfers under its name, previously going long on ETH with a scale of hundreds of millions of dollars...
20,000 ETH with 20x leverage, unrealized profit of 2 million just vanished? Such gambler mentality is just a lamb waiting to be slaughtered in front of quantitative systems. BIT whale's profit-taking proves one thing: large on-chain long positions are just bait for market makers to harvest. $ETH 's support level is at 2200, breaking below that would be a new low.