Whale Using Recursive Loans to Long BTC Cuts Losses and Liquidates Position, Realizing $1402 Million Loss:

◎ Over the past year, he used a recursive lending strategy of collateralizing WBTC to borrow USDC and continue buying WBTC, leveraging long on 742.8 BTC with an average cost of approximately $89,137.

◎ Today, an hour ago, he liquidated these 742.8 BTC through FalconX at a price of $70,266, withdrawing 29.75 million USDC to repay his position on Aave