Whale Short Account Floating Loss Exceeds Ten Million USD, What Are the Risks of ETH to USDT Conversion Rate Fluctuations?

According to on-chain data reported by Odaily Planet Daily, an account holding large short positions, pension-usdt.eth (0x0dd…a902), recently experienced significant floating losses due to market price fluctuations. The account uses 3x leverage and has opened short positions on Bitcoin and Ethereum, with unrealized losses exceeding $10 million.

On-Chain Data Reveals Position Difficulties

Real-time tracking by Onchain Lens shows the specific loss details: for Bitcoin, the account holds 1,000 BTC, with an original book value of approximately $75.64 million. Currently, it has a floating loss of $6.7 million; for Ethereum, the account holds 10,000 ETH, originally valued at about $23.6 million, with floating losses reaching $3.46 million. The combined losses of these two major positions put this large holder under more than $10 million in unrealized losses.

Based on the real-time ETH to USDT conversion rate, Ethereum’s price fluctuations directly impact the account’s net value denominated in USDT. Short-term, sharp swings in Ethereum’s price have amplified the risk exposure of leveraged shorts.

Market Warning on Excessive Leverage Shorts

This case further confirms the dangers of over-leverage and high leverage in the cryptocurrency market. When investors establish short positions with 3x leverage, any price movement in the opposite direction is magnified. In the current environment of increased market uncertainty, such large unrealized losses expose the fragility of on-chain large accounts and serve as a warning for ordinary investors to exercise caution with leverage trading.