📰 【On-chain ETH maximum longs retreat, wiping out $2 million in floating profit; previous entry average price $2,287】

BlockBeats, April 28—according to monitoring by Hyperinsight, the on-chain ETH’s largest long, the “BIT-related whale,” has once again fallen back below the waterline. Its current unrealized loss is about $110,000 (-5%). This address holds a 20x-leveraged ETH long position totaling 20,000 coins, worth approximately $45.6 million, with an entry average price of $2,287. The position was opened on April 20. During the period, the peak unrealized profit reached as high as $2 million; as the market fell, the floating profit has been fully given back. It is reported that the address belongs to BIT, a digital financial services group. It has previously received multiple fund transfers from entities under its name, and earlier it went long ETH in amounts of billions…
With 20x leverage on 20,000 ETH, and a $2 million floating profit just vanishes? This gambler’s mindset is nothing but a lamb waiting to be slaughtered in front of quantitative systems. The BIT whale’s retreat proves one thing: large on-chain long positions are merely bait for market makers to harvest. The chart support at $ETH is at 2200; if it breaks, it means a new low.