Onchain Lens said the trader holds 54,986 SPCX on leverage and a 320.74 BTC bearish position, with unrealized profit on the Bitcoin short exceeding $1.18 million.
A large crypto trader has taken a 5x leveraged long position in 54,986 SPCX valued at $9.09 million while simultaneously maintaining a 25x leveraged short position in 320.74 BTC worth $20.4 million. The Bitcoin short was showing unrealized profit of more than $1.18 million, according to monitoring by Onchain Lens. The positioning points to a high-risk, multi-directional strategy that is bullish on SPCX while betting against Bitcoin through borrowed exposure.