Whale Opens 40x Leveraged Bitcoin Long Position as Unrealized Losses Reach $259,000

A whale address opened a 40x leveraged Bitcoin long position at 10:30 p.m. last night, committing 603.71 BTC at an entry price of about $64,469, with a notional position size of about $38.67 million. According to BlockBeats On-chain Detection, the position is currently showing an unrealized loss of about $259,000. The same address has also placed limit long orders worth about $31.441 million in the $63,500 to $63,674 range. If all orders are filled, its Bitcoin long exposure would rise to about $70.111 million. Data shows the address previously mainly used a short-term trading strategy, with holding periods typically lasting only a few hours. The current long position is already the sixth-largest position size this year, and if the remaining limit orders are fully executed, it could become the address’s largest Bitcoin long trade of the year.