LIT Rally Pressures Whale Short Position Near Liquidation

LIT's continued rise is squeezing short sellers, with a whale address starting with 0x9996 reducing part of its short position after taking losses. According to BlockBeats On-chain Detection, the whale has closed about $3.6652 million in short exposure in batches and realized a trading loss of $622,600, while its remaining position is still close to the liquidation line. The whale has also launched a 5-hour TWAP buy order to repurchase 969,900 LIT. Before the order began, it held a short position of 1.8422 million LIT; as of the report, it had bought back 703,600 LIT, or 72.55% of the plan. At present, the whale still holds a 1.1386 million LIT short position with 4x isolated leverage, worth about $6.0431 million, with an average entry price of $4.324 and an unrealized loss of about $1.119 million. LIT was trading at $5.30, leaving only about $0.1373, or 2.59%, before its liquidation price of $5.4450. The TWAP order is still running, with 266,300 LIT left to repurchase, and was originally scheduled to end around 17:16 today. Further position cuts or margin adjustments could change the liquidation price.