After depositing 5 million USDC and first opening a $16.63 million 20x XYZ100 long at $29,458, the address kept adding via TWAP orders, with the Nasdaq 100-linked position expanding sharply.
A whale address that deposited 5 million USDC at 7:30 p.m. before the U.S. stock market open initially opened a $16.63 million 20x long position in XYZ100 at $29,458, according to on-chain analyst Ai Yi. More than $5.3 million in TWAP orders were still being executed at that stage, with the position then expected to reach about $22 million. In a later update, BlockBeats, citing EmberCN, reported that the same address had expanded the XYZ100 position to about $61.5 million over the following three hours, with TWAP buying still underway. The staged execution points to a large leveraged directional bet being built gradually to reduce slippage and market impact.