On-Chain Analyst: Wallet Opens 20x Long on Nasdaq-100-Tracking XYZ100 After Depositing 5 Million USDC

A crypto wallet opened a 20x long position in XYZ100, a product that tracks the Nasdaq 100 index, after depositing 5 million USDC. According to ChainCatcher, on-chain analyst ai_9684xtpa said the wallet address 0x3e7…f1589 made the deposit at 7:30 PM and then initiated a position valued at $16.63 million, with an entry price of 29,458. The analyst added that more than $5.3 million in TWAP orders were still being executed gradually, and the final position value is expected to be around $22 million.