Trader Closes $100 Million Ethereum Short, Opens 20x Leveraged Bitcoin Long
According to Lookonchain, the trader exited a 47,604 ETH short position first tracked by Onchain Lens at a $260,000 loss, then opened a 175.04 BTC long using 20x leverage.
BTC
ETH
Fact Check
The Lookonchain X post (status 2059095776140411153) directly confirms the trader closed the $100M+ ETH short at a $260K loss and flipped to a 175.04 BTC long at 20x leverage. Onchain Lens confirms the original 47,604 ETH short. PANews and CryptoBriefing corroborate. All key figures in the claim (47,604 ETH, $260K loss, 175.04 BTC, 20x leverage) match primary on-chain trackers.
Summary
A large trader first opened a $100 million short position on Ethereum involving 47,604 ETH with 23x leverage, according to Onchain Lens, with an indicated liquidation price of $2,149.84. Lookonchain later reported that the trader closed the Ethereum bearish position at a $260,000 loss and then opened a new Bitcoin long position using 20x leverage for 175.04 BTC valued at $13.43 million. The move marked a shift from a highly leveraged bearish Ethereum trade to a leveraged bullish Bitcoin position.
Terms & Concepts
- Short position: A trade that profits if an asset’s price falls, typically through borrowed or derivative exposure, and incurs losses if the price rises.
- Long position: A trade that benefits when the price of the underlying asset increases.
- Leverage: The use of borrowed capital or amplified exposure to increase position size, magnifying both potential gains and losses and increasing liquidation risk.