According to Onchain Lens (blockchain analytics tracker), the leveraged Bitcoin position was deeply underwater as the market declined on June 3.
Garrett Jin’s 1,268 Bitcoin long position using 5x leverage showed an unrealized loss of more than $11.5 million as prices fell, according to an update from Onchain Lens (blockchain analytics tracker) on June 3. The report indicates the position remained open at the time of the update, meaning the loss had not been realized through a closeout. In crypto derivatives markets, leverage (borrowed exposure to amplify trades) can magnify both gains and losses, making large directional positions especially sensitive to short-term price swings.