On-chain data indicates that a whale who initially rolled a $125K ETH long into leveraged trades is now facing $3.353 million in unrealized losses. The trader’s 15x leveraged long is down $2.675 million, while a 25x leveraged long is down $678,000. These positions follow a previously reported increase in Ethereum exposure to $46.51 million, with the liquidation price close to market levels, underscoring the vulnerability to rapid losses in highly leveraged positions.