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The largest on-chain ETH long position of $224 million has fallen back to the breakeven point, giving up $12.9 million in unrealized gains.
Mars Finance reported that on May 8, according to monitoring by Hyperinsight, the on-chain largest ETH long “BIT-related whale” saw its $224.7 million total position return overall to around the cost basis. The whale spread its holdings across four addresses on Hyperliquid, going long on a total of 99,000 ETH. All related positions were established after a major increase in holdings on April 30, with an overall weighted leverage of about 18x.
Based on a weighted calculation of the fund allocation across the four addresses, the whale’s combined average entry price is approximately $2,270. As the price of ETH fell, it gave back unrealized profits of about $12.9 million within just 2 days, and the funding-rate settlement also resulted in a cumulative loss of $350,000.
It is reported that this address belongs to BIT (formerly Matrixport), a digital financial services group. It has previously received multiple fund transfers from accounts under its umbrella, and previously went long on ETH on a scale of billions, with profits exceeding $50 million.
Address: 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41
Address: 0x6c8512516ce5669d35113a11ca8b8de322fd84f6
Address: 0xa875890465dA20062bCF3b024Bf7d54E69C725a8
Address: 0xfd423284f6a9c73a2a3d53cab8921d6533533d97