A trader closed a long position in KAITO at a loss of about $1.98 million roughly three hours before the report, data tracked by Lookonchain showed. The trader had been positioned for KAITO to rise, but exited after market moves failed to meet that view. The loss-making closeout highlights the risk of directional leveraged bets in volatile crypto markets, where traders often cut positions to limit further downside when price action turns against them.