If this deal blows up, on-chain data could be written into textbooks as a cautionary example.

Crypto World News reports that the ETH long positions associated with the Matrixport related address (sub-address 1) have expanded their unrealized losses to $24.17 million, with a loss ratio of 727.64%. The average price for this address is $2,265.44, the current price is $1,661.10, the liquidation price is $1,162.30, and the position size is $664.44 million. This address has received multiple fund transfers from Matrixport (now renamed Bit), and it is currently the largest on-chain ETH long position; two other related addresses are also coordinating to build the position.